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