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Article: Late News; PXRE downgraded on hurricane losses.(Starr Technical Risks Agency Inc)(reinsurance)
- Article from:
- Business Insurance
- Article date:
- February 20, 2006
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PXRE Group Ltd. said it will explore strategic alternatives after its A- financial strength ratings by A.M. Best Co. Inc. and Standard & Poor's Corp. were lowered to B++ and BBB+, respectively. The downgrades stem from the reinsurer's recent increase of previously estimated insured losses for hurricanes Katrina, Rita and Wilma, by between $281 million and $311 million. The total expected impact of the storms on the reinsurer is now in the range of $743 million to $788 million pretax, PXRE said.
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