Massive hurricane losses for cat specialists

PXRE shares which were trading at $25 last August are now worth just over $3, having fallen vertically after the additional hurricane losses were announced

The late reporting Bermudian reinsurance companies mostly produced the worst results as they included three of the most specialised property catastrophe underwriters: IPC Re, Montpelier Re and PXRE. They are in a class of their own with combined ratios for 2005 in excess of 200%.