S&P upgrades RenaissanceRe

Standard & Poor's said it raised its counterparty credit rating on RenaissanceRe

Holdings Ltd. to A from A-, the counterparty credit and financial strength ratings on Renaissance Reinsurance Ltd. to AA- from A+, the counterparty credit rating on DaVinci Re Holdings Ltd. to BBB+ from BBB and the counterparty credit and financial strength ratings on DaVinci Reinsurance Ltd. to A+ from A.

The outlook is stable.

The agency said the upgrade reflects its view that the uncertainty that surrounded RenaissanceRe's competitive position, the potential change to its risk profile and reputational risk as a result of the departure of some of the senior management in 2005 has dissipated. Under the leadership of Neill Currie since his appointment as chief executive officer in November of 2005, the company has successfully executed its strategy and kept its very strong competitive position in the property catastrophe market.

Offsetting these positives is RenaissanceRe's significant growth outside its core line of property catastrophe reinsurance, including its individual risk segment, which compounds potential volatility, S&P said.

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