S&P affirms RenaissanceRe

Standard & Poor's said it affirmed the A counterparty credit rating on RenaissanceRe Holdings Ltd., along with the A senior debt rating on its senior unsecured notes.

The agency also said it affirmed the AA- counterparty credit and financial strength ratings on core operating subsidiaries, Renaissance Reinsurance Ltd. and Renaissance Reinsurance of Europe, along with the A+ and A counterparty credit and financial strength ratings on its strategically important operating subsidiaries DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd., respectively.

The outlook on these entities remains stable.

The affirmations reflect the company's strong competitive position as an established global industry leader in underwriting and modeling catastrophe risks, S&P said.

Other rating strengths include the company's excellent enterprise risk management framework, which is supported by excellent scores for risk culture, risk controls and strategic risk management, the agency said.

But, its volatile earnings year-over-year offset these positive factors, S&P added.

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