Article: Late News; PXRE downgraded on hurricane losses.(Starr Technical Risks Agency Inc)(reinsurance)

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.

AIG, Starr agency end relationship

American International Group Inc. has terminated agency relationships with Starr Technical Risks Agency Inc. and its ...

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