IPC Holdings has seen its subsidiaries receive a downgrade from another ratings agency. S&P this week lowered its ratings on property catastrophe reinsurer IPCRe Ltd. and its Dublin, Ireland-based affiliate, IPCRe Europe Ltd to A from A+.

A financial strength rating measures an insurer or reinsurer?s ability to pay claims.

The downgrades relate to catastrophe losses recorded this year by the company, the rating agency said in a statement.

It added that it has a negative outlook on the companies, reflecting challenges ?in an industry with possible exposures to higher loss frequency and severity events and our concerns of the industry?s long-term pricing adequacy.?

A.M. Best has also recently downgraded the company to A from A+ on the decline in the company?s risk adjusted capital position due to third-quarter catastrophe losses that resulted in IPC recording net losses and loss adjustment expenses of $856 million in the period.

Shares closed up 38 cents or 1.26 percent higher at $30.64 on the New York Stock Exchange.

PXRE files to sell securities

PXRE Group Ltd. has filed to periodically sell up to $700 million of its securities, including approximately $198 million of its previously registered securities.

The shelf registration statement with the Securities and Exchange Commission, which has not yet become effective, provides the company with the flexibility to sell debt, common and preferred stock, and other securities.

Shares of PXRE closed 4 cents higher at $12.84 on the New York Stock Exchange.