PXRE has requested the withdrawal of its financial strength and issuer credit ratings by the major agencies.
President and CEO of PXRE Group Jeffrey Radke said: “In the period since the downgrades, we have found that operational ratings below the critical A category provide little value for a reinsurer.”
Last month PXRE revealed that a third of its clients had cancelled contracts on 1/1 in-force business as of 13 March 2006. In a 16 March SEC filing the reinsurer said it expects the percentage, 33% of clients by premium, will continue to rise.
According to reports, PXRE has been in talks with Lloyd's over a possible re-entry to the market and is looking at the option of transferring its ongoing business into a new or existing syndicate, where it could take advantage of the market's A rating.
The company is also believed to have negotiated a deal with Lloyd's for “early settlement” of claims outstanding to the market.
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