Fitch Ratings said today that PXRE Group Ltd. remains on Rating Watch Negative following the Bermuda-based carrier's second-quarter earnings announcement earlier this month.

PXRE Group Ltd. reported second-quarter net income fell to $2.1 million from $43.5 million in the same 2005 period. The company asked to be unrated after a downgrade by A.M. Best Co. and management has said it is seriously considering going out of business.

Fitch listed the following factors for its action:

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