AM Best has downgraded the financial strength rating of PXRE to B++ (Very Good) from A- (Excellent) and the issuer credit ratings (ICR) to "bbb" from "a-".
The downgrades follow PXRE's announcement that it increased its net loss estimates for hurricanes Katrina, Rita and Wilma by a pre-tax amount between $281m - $311m.
AM Best said it now has greater concern regarding PXRE's risk management capability as a result of the magnitude and composition of this most recent loss revision and with consideration of the company's longer-term track record.
AM Best said the ratings have been assigned a negative outlook until new strategies and risk mitigation procedures that PXRE is implementing, have been fully tested.
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.
