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Fitch boosts Arch Capital
Fitch Ratings said it upgraded its ratings on Arch Capital Group, Ltd. as follows: Arch Capital Group's issuer default rating to A from A-, 7.35% senior unsecured notes (due 2034) to A- from BBB+, 8.00% series A preferred stock to BBB+ from BBB and 7.875% series B preferred stock to BBB+ from BBB and Arch Reinsurance Ltd.'s insurer financial strength to A+ from A.
The outlook is stable.
Fitch said that its decision to upgrade Arch Capital's ratings reflects the company's consistently strong underwriting profitability and financial performance relative to peers.
The upgrade also reflects Fitch's heightened comfort with Arch Capital's casualty lines reserve adequacy and its effectiveness in maintaining underwriting discipline under various market conditions.
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