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

    • 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.
    Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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