S&P: Platinum Underwriters outlook positive

Standard & Poor's said it revised its outlook on Platinum Underwriters Holdings Ltd. to positive from stable and affirmed its BBB counterparty credit rating on the company.

The agency said the revised outlook reflects the company's strong operating performance since inception and its strong enterprise risk management, which differentiates it from A- peers and is more in line with that of A rated insurers and reinsurers.

The ratings on Platinum are based on the group's strong competitive position, supported by its long and well-established track record in the reinsurance market, highly skilled and experienced underwriting and actuarial staff, strong enterprise risk management practices and strong operating performance since inception, the agency said.

Partially offsetting these strengths are the company's somewhat high concentration of business in terms of geographic spread and distribution channel as well as its exposure to pricing pressures given its focus on large accounts, S&P said.

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