PXRE is trying to raise $100m through a public share offering to offset its losses after receiving ratings downgrades from Standard & Poor's (S&P)and AM Best.
The company's financial and credit ratings were both downgraded from A to A- after it announced losses of between $235m and $300m from Hurricane Katrina.
A further $40m estimate has been made in respect of Hurricane Rita losses.
Aspen's 'A' financial strength rating has been put under review by S&P after it more than doubled its Katrina loss estimate to between $325m and $400m after tax.
Katrina and Rita loss estimates