Fitch affirms Platinum Underwriters

Fitch Ratings said it affirmed Platinum Underwriters Holding Ltd.'s senior unsecured notes at BBB+ and issuer default rating at A-.

The outlook is stable.

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

Ratings also reflect challenges in maintaining profitability in a continued competitive reinsurance pricing environment, as well as exposure to potential adverse reserve development from casualty line reserves and losses from catastrophic events, the agency noted.

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