Moody's Investors Service announced today that it has lowered the insurance financial strength rating of PXRE Reinsurance Company to Baa2 from Baa1
Like downgrades announced yesterday by A.M. Best (to "B-double-plus") and earlier this morning by Standard & Poor's (to "triple-B-plus"), the cut came in the wake of PXRE's announcement yesterday that its hurricane loss estimates had soared.
The range of losses is now $743 million to $788 million, pre-tax–hiking a prior range of estimates, which was $462 million to $477 million.
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