PXRE Group, a monoline property-catastrophe reinsurer, announced it intends to explore strategic alternatives for the company, as its prior estimates of hurricane losses climbed by about $300 million.
The announcement, released just after the market closed yesterday, said that PXRE expected downgrades from the rating agencies, dropping its current ratings out of the A-range.
A.M. Best delivered the first downgrade announcement about a half-hour later–to “B-double-plus” (very good) from “A-minus” (excellent).
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