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Fitch affirms RenaissanceRe
Fitch Ratings said it affirmed RenaissanceRe Holdings, Ltd.'s issuer default rating at A-, senior unsecured notes due Feb. 15, 2013 at BBB+ and series, B, C and D cumulative perpetual preferred shares at BBB.
The outlook is stable.
Ratings reflect the company's strong underwriting skills, leading position in the property/catastrophe reinsurance market, and substantial high-quality and liquid fixed income and short-term investment portfolios, the agency said.
Ratings also consider the potential for earnings volatility tied to the company's investments in alternative asset classes such as private equity and hedge fund investments as well as the earnings and capital volatility derived from the company's property/catastrophe reinsurance focus, Fitch noted.
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