PXRE has increased its maximum loss estimate in respect of Hurricane Katrina to $300m.
As a result of the Katrina losses, PXRE will report a net loss of between $85m and $165m for 2005, according to a statement from the reinsurer.
Jeffrey Radke, PXRE's president and chief executive, said in a statement that the reinsurer expects, as a result of Katrina's impact, to see "substantial increases in rates and limitations in coverage for each of the lines of business we write".
