Bermuda’s PXRE Group Ltd. announced that the Insurance Commissioner of the State of Connecticut has approved the pending $150 million equity investment by Capital Z Financial Services Fund II, investment funds managed by Reservoir Capital Group and Mr. Richard Rainwater, clearing the final hurdle to completion of the transaction.
“The transaction is now expected to close on April 4, 2002,” said the announcement. The $150 million in new equity capital will be made in the form of convertible preferred stock, and will bring PXRE’s total capital to more than $500 million. The Company specializes in commercial and personal property reinsurance risks and also provides marine and aerospace reinsurance products and services.
“The investment will enable PXRE to increase underwriting capacity and therefore maximize participation in the new market environment,” said the announcement.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
