BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
PEMBROKE, BermudaStandard & Poor's Corp. on Friday downgraded its financial strength ratings of two reinsurance units of IPC Holdings Ltd., due largely to the high concentration of catastrophic risk on the units' books, S&P said.
The downgrade to A- from A of Pembroke, Bermuda-based IPCRe Ltd. and Dublin, Ireland-based IPC Re Europe Ltd. reflects S&P's view that IPCRe's cat-related exposure to earnings and capital volatility is more in line with an A- business profile, credit analyst Laline Carvalho said in a statement.
IPCRe has an "established competitive position, seasoned management team, (and) very strong capitalization," Ms. Carvalho said. However, "these strengths are partially offset by IPCRe's limited strategic flexibility because of a relatively narrow business focus, exposure to balance-sheet and earnings volatility given the significant proportion of property catastrophe writings, and lower-than-expected risk-adjusted returns given its inherently volatile profile."