Moody’s affirms RenaissanceRe debt

Moody's Investors Service said it affirmed the debt and preferred stock ratings of RenaissanceRe Holdings Ltd., including the guaranteed senior unsecured notes at A3.

The outlook is stable.

RenaissanceRe's ratings reflect the group's market leadership position in property catastrophe reinsurance, strong analytic and modeling capabilities, good capitalization, and longstanding use of joint ventures and other third-party capital vehicles, which enhance the firm's business and financial flexibility and build loyalty with brokers and clients, the agency said.

These strengths are tempered by the potential for earnings and capital volatility arising from RenaissanceRe's substantial property catastrophe exposures, as well as the highly competitive operating environment in reinsurance, which is marked by an oversupply of capital from both traditional reinsurers and alternative capital providers, Moody’s added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.