A review of Pxre Health Insurance Company leads to Argonaut Group. In 2007, Pxre was purchased by Argonaut Group. Pxre still exists operating under the name Pxre Group. The acquisition of Pxre by Argonaut was a financial decision that benefited both companies. Pxre do not sell personal health insurance.
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Pxre focuses mostly on reinsurance. Reinsurance is a type of intermediary between insurance companies and at-risk clients. Pxre targets specific niche markets to provide insurance products that meet the needs of high-risk industries and businesses. Pxre continues this focus with greater financial backing through their relationship with Argonaut.
Pxre Group Reinsurance
As stated above, Pxre is a reinsurance company. Reinsurance companies back up the high-risk insurance policies written by insurance companies. You can learn more about reinsurance through the Reinsurance Association of America at their website. Due to their reinsurance status, Pxre provides a variety of coverage options to insurance companies that support high-risk clients.
Reinsurance is important because insurance companies that take on high-risk clients need a backup plan. One catastrophic event can become a major setback for an insurance company that sells high-risk policies. Reinsurance can be thought of as an insurance policy for the insurance policy or an extra layer of protection.
If several high-risk claims are filed at one time, reinsurance will kick in and help the insurance company pay out claims while remaining financially viable. Assets and net profit set the standard for the financial stability of a company and reinsurance further strengthens the company.
The assets and financial rating of a reinsurance company are very important because they let clients and individuals know whether the reinsurance is stable. Pxre together with Argonaut has been given a financial stability rating of A by A.M. Best, an independent insurance rating company. An A rating is considered an excellent financial rating.
Pxre Group Products
One of the main focuses of Pxre Insurance is aerospace excess reinsurance. The aerospace industry is considered high-risk for many reasons. The dangers of working in space and being responsible for those who are, is great. The responsibility of working with equipment that costs millions of dollars and the fact that much of the aerospace industry is mandated by the federal government adds to the risk factor.
Another industry that Pxre supports with reinsurance options is the marine industry. This industry is high risk because of the inherent risks that come with working in marine areas. This includes the shipping cargo industry, oilrigs, the professional boating industry, and commercial fishing industry.
Both of these industries also have huge profit margins, which makes insuring them more meaningful to the reinsurance company. Large profit margins mean that the company can afford both insurance and reinsurance to protect their assets. The cost is worth the protection received when a file needs to be claimed.
Pxre Group Careers
A career with Pxre Group requires a strong set of skills and specific training. To operate in the reinsurance business an understanding of reinsurance, high-risk companies, high-risk industries, and how to build a working relationship with other insurance companies is necessary. These come with training but also with direct experience.
Because they are a reinsurance company that works with high-risk companies, they do not hire those who do not have any insurance experience. They prefer to hire those with specific reinsurance experience, but will consider individuals with general insurance experience as well. Any experience working with high-risk companies is a plus.
Once hired, individuals with Pxre find a wide range of benefits available to them. Benefits include:
- Paid holidays
- Life insurance
- Health insurance
- Dental insurance
- Retirement plans
- Flexible work hours
- Opportunity for commission and promotion
Quality benefits allow the company to retain employees.
Training is very important to Pxre Group as well. They send employees to training through national insurance organizations as well as conduct in company training for agents. Field assignment and travel are required for many agents and a strong compensation program is in place for those who travel and work one on one with clients.