PXRE has said that it intends to raise $100m through a public share offering, just one day after Standard & Poor's (S&P) lowered its rating of PXRE to A- from A.
S&P had placed PXRE under review with negative implications on 9 September because of the reinsurer's projected losses from Hurricane Katrina, which now stand at between $235m and $300m.
On Friday, AM Best also downgraded PXRE's reinsurance subsidiaries to A- from A.
PXRE said that it "expects to contribute the net proceeds of the offering to PXRE Reinsurance, to support the underwriting of reinsurance business during the 1 January 2006 renewal period and throughout the balance of 2006."
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
