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February 20, 2006
PXRE Crisis Could Affect Big Hedge Funds
Leading hedge funds, including D.E. Shaw & Co., Eton Park Capital Management and Och-Ziff Capital Management, might get affected by PXRE Group's period of crisis. These three hedge funds were the leading investors in the re-insurer at the end of 2005, owning more than 22% of the company's shares, according Thomson Financial data. Marketwatch report:
PXRE shares lost two-thirds of their value on Friday after the reinsurer almost doubled its loss estimate from last year's record hurricane season and lost key financial-strength and credit ratings from A.M. Best, an influential industry-rating agency. The company also said it hired Lazard to explore strategic alternatives.
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