S&P downgrades RenaissanceRe

S&P said it lowered its long-term issuer credit rating on RenaissanceRe Holdings Ltd. to A- from A and its long-term issuer credit ratings on its core operating subsidiaries to A+ from AA-.

The outlook is stable.

The agency said the downgrade reflects a view that RenaissanceRe’s property-catastrophe business, despite its strong market position, will continue to face negative pressures from ongoing structural changes within that business regardless of some rate-strengthening post 2017 catastrophe events.

S&P also said that, in its view, the company's strategy to diversify into casualty/specialty lines will take somewhat longer to ramp-up and season.

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