Fitch affirms RenaissanceRe

Fitch Ratings said it affirmed RenaissanceRe Holdings Ltd.'s issuer default rating at A.

The outlook is stable.

The affirmation reflects the company's continued strong leadership position in the property catastrophe reinsurance market, reasonable operating and financial leverage, and overall high quality and liquid portfolio of fixed-income and short-term investments, according to the agency.

Ratings also reflect anticipated challenges in the competitive but generally improving property catastrophe market rate environment, volatile profitability as recently reflected in unfavorable underwriting results in 2011 and potential volatility from the company's alternative investments, the agency noted.

Ratings consider the company's modeled exposure to potential annual aggregate losses from catastrophes as generally comparable to those of peer companies, Fitch said.

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