PXRE’s strategic review ends in merger with Argonaut

A deal with Argonaut to create a new reinsurer breathes new life into PXRE, which ceased writing reinsurance last year

US specialty insurance group Argonaut is to merge with Bermuda-based property reinsurer PXRE, ending the latter’s search for a strategic solution after its credit and financial strength ratings were downgraded then withdrawn early last year.