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.
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Beware the Rise in Unproven ‘Brittleness Test’ for Roof Shingle Claims 
Marsh Sues More Former Employees Over ‘Scheme’ to Open Howden US 
Don’t Look Now, But Citizens Is No Longer the Largest Property Insurer in Florida 
Cyberattack Cripples Asahi Operations, Lifts Rival Brewers 
