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

  • Munich Re upped its net losses from Katrina to $603.9m from $492m
  • Brit: preliminary estimate of £125m for Katrina claims and £20m for Rita claims

  • Markel: Katrina losses $125m to $150m after tax

  • Endurance Specialty: initial Hurricane Rita estimate $85m
  • Hanover Re: predicted pre-tax loss of $301.9m from Katrina; Rita expected to cost a further $181.2m