Hamilton, Bermuda-based reinsurer PXRE reported a more than $4 million profit in the third quarter of this year, but is still considering going into runoff unless some alternatives are found that would be more advantageous to shareholder value, the company's chief executive said.
During an analysts' conference call today, Jeffrey L. Radke, president and chief executive officer, said the primary focus of the board is to protect shareholder value. He noted that he expected the board of directors to explore alternatives to runoff–either a sale or merger of the company–but no decision has been made on the direction the company would take.
PXRE was hammered by losses from Hurricanes Katrina, Rita and Wilma in 2005, resulting in the downgrade of the company's financial strength rating to "B" by A.M. Best. Subsequently, the insurer lost a significant amount of in-force business through cancellation or nonrenewals.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
