PXRE Group Ltd. reported second-quarter net income fell to $2.1million from $43.5 million in the same 2005 period in the wake ofan April ratings withdrawal that has the carrier seriouslyconsidering going out of business, management said.
The Bermuda-based carrier said that 82 percent of its in-forcebusiness had declined due to either cancellations or nonrenewalsduring the quarter.
In April, A.M. Best downgraded the financial strength rating ofthe carrier to “B” and the company requested it be taken out of therating system. The action came after the company's Februaryannouncement of a material increase in losses from the 2005hurricanes.
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