S&P Upgrades Alterra Capital Ratings
Standard & Poor’s Ratings Services said this week that it has raised its financial strength rating and counterparty rating on Bermuda-based Alterra Capital Holdings Ltd.’s core companies.
The New York-based rating agency cited improved operations following the “successfully completed” merger of Max Capital Group Ltd. and Harbor Point Ltd. to form Alterra for increasing its financial strength rating to A from A- and its counterparty credit ratings on Alterra’s holding companies to BBB+ from BBB.
The New York rating agency also revised its previous “positive” outlook to “stable,” reflecting S&P’s belief that the Bermuda reinsurer and insurer’s capital adequacy will remain “very strong” over the next two years.
“Alterra has benefited from a larger and enhanced operating platform and improved diversification by platform, product and account type” since it was established by the merger, S&P Credit Analyst Pablo Feldman said in a statement. He also noted factors such as Alterra’s “strong” enterprise risk management, investments and liquidity.
Founded in 1999, Alterra Capital Holdings Ltd. – formerly Max Capital Group Ltd. — is a provider of specialty insurance and reinsurance products for the property and casualty market, with underwriting operations based in Bermuda, Ireland, the United States and the United Kingdom.
The company underwrites a portfolio of risks and serves clients. It also provides reinsurance for the life and annuity market.
