AM Best has affirmed the A (excellent) financial strength rating of the reinsurance subsidiaries of Bermuda-based PXRE.
The affirmation applies to US-based PXRE Reinsurance Company and Bermuda-based PXRE Reinsurance Limited.
At the same time AM Best has upgraded the group’s debt rating to bb+ from bb for preferred stock issues available under the company’s shelf registration and affirmed all remaining debt ratings.
The outlook for all ratings has been upgraded from negative to stable.
AM Best said the ratings action reflected the company’s improved capitalisation and strong underwriting performance experienced since the group refocused its business strategy in 2001 to concentrate on its core competencies in property catastrophe reinsurance.
