Alternative Insurance Capital
Light Cat losses help PXRE
Bermudian reinsurer
PXRE benefited in the third quarter from lighter than expected catastrophe losses. Net income rose to $23.7mn, equal to $1.01
a share, compared with $11m for the same period last year. This included realized investment gains of $500,000, compared with
$4.8mn for the third quarter of 2002. Investment income rose 20% to $6mn.