PXRE, Select Re Talks Fail

Bermuda’s PXRE Group Ltd. issued a statement confirming that it had ended discussions with Select Reinsurance Ltd. aimed at establishing a business combination between the two companies.

Select holds approximately 9.9 percent of PXRE’s outstanding common shares, and the two had hoped to reach some agreement to provide additional capital; “however, the parties were unable to reach an agreement as to terms and, therefor agreed to terminate discussions,” said the announcement.

PXRE said that it would continue to “pursue various capital raising alternatives in order to best position the Company to take advantage of the current market opportunity to write additional business and realize the full benefits of its strategic position.”