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OLDWICK, N.J.—A.M. Best Co. Inc. on Monday upgraded its financial strength rating for Pembroke, Bermuda-based Validus Reinsurance Ltd. to A from A-.
The Oldwick, N.J.-based rating agency also upgraded its issuer credit rating for Validus Re to a from a-, and upgraded its issuer credit rating for the reinsurer's parent, Validus Holdings Ltd., to bbb from bbb-, Best said in a statement.
Best also changed its outlook for all of the ratings to positive from stable.
The new ratings reflect Validus Re’s “solid risk-adjusted capitalization, favorable operating performance since inception, experienced management team, excellent enterprise risk management program and prudent operating strategies,” the rating agency said in its statement.
Best also noted that Validus Holdings’ support provided the reinsurer financial flexibility as a publicly traded entity.
Best cited Validus Re’s vulnerability to low-frequency, high-severity property catastrophe events as a partial detractor from its operational strength, but noted that the company’s capitalization had been “stress-tested” to withstand catastrophic losses.