Fitch affirms Platinum Underwriters

Fitch Ratings said it affirmed Platinum Underwriters Holding Ltd.'s issuer default rating at A- and Platinum Underwriters Finance, Inc.'s 7.5% series B senior unsecured notes at BBB+.

The outlook is stable.

The agency said the affirmations reflect the company's solid profitability, high-quality and liquid investment portfolio and moderate financial leverage.

The ratings also reflect Platinum's exposure to potential adverse reserve development from the company's casualty line reserves, significant catastrophe exposure and recent reduction in capital due largely to the company's share repurchase program.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.