Best Affirms 'A' Rating for PXRE Group

A.M. Best Co. has affirmed the financial strength rating of "A" for the reinsurance subsidiaries of PXRE Group Ltd.. This rating action applies to PXRE Reinsurance Company and PXRE Reinsurance Ltd. Concurrently, A.M. Best has upgraded the group's debt ratings 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 revised to stable from negative. The ratings reflect PXRE's improved capitalization and strong underwriting performance experienced since the group refocused it...