A.M. Best Co. said it downgraded the financial strength rating of PXRE Group to "B" (fair) from "B-plus" (very good) today, before withdrawing the ratings at the request of PXRE management.
Late yesterday, the reinsurer announced separately that it had requested that all the major credit rating agencies withdraw their financial strength and claims paying ratings of the company and its operating subsidiaries.
In mid-February, PXRE, anticipating ratings downgrades pushing it out of the A-range, announced that it intended to explore strategic alternatives for the company.
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