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.”
Was this article valuable?
Here are more articles you may enjoy.
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
Big I: Independent Agencies’ Market Share Up Slightly in 2025 
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
