Moody's has confirmed its financial strength rating on New Jersey-based reinsurer PXRE Reinsurance. The ratings agency said the company's exposure to the 11 September attacks had not materially weakened its financial strength.
PXRE Reinsurance, whose Moody's rating stands at Baa1, has estimated its after tax net cost from 11 September at $35m (£24.2m).
Moody's said other positive factors for the rating were improved earnings prospects and a $150m (£103.6m) capital injection from private investors.
PXRE Reinsurance is the main operating subsidiary of the Bermuda-based PXRE group.
Moody's lowered its rating of the trust preferred securities of PXRE Capital Trust to Ba2 from Ba1.
