S&P ups Odyssey Re outlook to stable

Standard & Poor's said it revised its outlook on Odyssey America Reinsurance Corp., Clearwater Insurance Co. and Hudson Specialty Insurance Co. (collectively Odyssey Re) to stable from negative and affirmed its A- counterparty credit and financial strength ratings on the companies.

At the same time, S&P said it revised its outlook on Odyssey Re Holding Corp. to stable from negative and affirmed its BBB- counterparty credit rating on the company.

The ratings on Odyssey Re are based on its strong competitive position, improving operating performance and capitalization and strong liquidity, the agency said, noting that Odyssey Re has substantially improved its accounting risk controls and this significantly supports the revision of the outlook to stable.

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