Montepelier Re Holdings and PXRE Group on rating watch negative...
Fitch Ratings has placed Montepelier Re Holdings and PXRE Group on rating watch negative as loss estimates for Hurricane Katrina continue to increase.
Fitch said the uncertainty surrounding ultimate losses had prompted the rating watch, despite the likelihood that losses would be absorbed by current one-year earnings.
The ratings were calculated on estimates supplied by the companies, which were adjusted to calibrate an assumed $50bn industry loss event.
Montpelier Reinsurance and PXRE both have an A- rating.
Fitch will continue to monitor events related to insured losses from Hurricane Katrina as other ratings may be affected as loss experience becomes more certain.
Modelling firm Risk Management Solutions estimates insured losses from Hurricane Katrina to be between US$40bn and $60bn.
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