S&P lifts Platinum Underwriters

Standard & Poor's said it raised its counterparty credit rating on Platinum Underwriting Holdings Ltd. to BBB+ from BBB.

The outlook is stable.

The upgrade primarily reflects S&P's opinion of Platinum's very strong cycle management, the agency said, adding that strong enterprise risk management and the company's highly skilled and experienced underwriting and actuarial staff should help sustain its track record of strong earnings and capitalization.

Partially offsetting these strengths is Platinum's somewhat high concentration of business in terms of geographic spread and distribution, the agency said.

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