A.M. Best Company has removed XL Capital and PXRE Group Ltd. from review. The Oldwick, N.J.-based insurance rating service said it took the action based on the insurers' capitalization plans in response to the losses the companies suffered this year.
Best affirmed the financial strength rating of "A-plus" (Superior) of Hamiltion, Bermuda-based insurer XL. The company has been assigned a stable outlook.
The rating action reflects XL's recently raised capital of $3.2 billion, including $2.4 billion in common equity, in early December and steps taken by the group to reduce its exposure to catastrophe losses.
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