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News Focus - PXRE hangs on by slim thread as 65% of business lost.
(From Reinsurance)
Reporting first-quarter results, Jeffrey Radke, president and chief executive of troubled Bermudian reinsurer PXRE, was unable to report any progress on the company's search for strategic alternatives after February's dramatic increase in reserves for Katrina, Rita and Wilma losses triggered the loss of its all-important 'A' rating and a flurry of downgrade-clause contract cancellations.
The results were solid, but painted a rather unrepresentative picture since they failed to reflect the cancellation or non-renewal of 65% of the company's current book of business fully. However, the assertion that there had been no further deterioration in loss reserves was a positive development.
Mr Radke commented, "We are continuing to explore potential strategic alternatives actively. During this process, we have explored the sale of PXRE; the sale of all or certain of our assets; mergers with one or more companies; and the acquisition of smaller companies that would provide diversifying lines of business, share repurchases and other strategic alternatives.
"To date, our Board of Directors has not found an alternative it believes would be in the best interests of our shareholders and reinsurance clients, but we are continuing the process. However, if our Board of Directors concludes that no other alternative would be in the best interests of our shareholders, it may determine that the best option is to place PXRE's reinsurance business into runoff and eventually commence an orderly winding up of PXRE operations over some period of time that is not currently determinable.
"Although we are engaged in this strategic exploration process, I want to stress again that PXRE remains financially sound and able to meet all of its obligations to clients. We also have sufficient liquidity to meet all currently foreseen needs. Our financial results for the quarter underscore this fact. Most significantly, we did not experience any adverse development on our reserves for the 2005 hurricanes during the quarter.
"Although the ...
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