Insurance rating agency AM Best has affirmed the A (Excellent) financial strength rating of the PXRE Group's reinsurance subsidiaries. However, it assigned a negative outlook and removed it from under review.
This rating action applies to PXRE Reinsurance Company, Hartford, Connecticut and PXRE Reinsurance, Bermuda.
AM Best said the rating reflected Bermuda-based PXRE's strong capitalization, prospective earnings capabilities and its exit from underperforming business segments, particularly its Lloyd's operation.
"These positive attributes are supported by an experienced management team, a well-established market presence, a globally diversified risk portfolio and conservative operating strategies," AM Best said.
PXRE recently announced a $150m (£103.8m) private preferred equity offering, which elevated its capital base to $500m (£346m).
