Fitch ups RenaissanceRe

Fitch Ratings said it upgraded RenaissanceRe Holdings Ltd.'s issuer default rating to A from A-, 5.875% senior notes due 2013 to A- from BBB+, and 6.08% series C and 6.6% series D cumulative perpetual preferred shares to BBB from BBB-.

Fitch said it also upgraded RenRe North America Holdings, Inc.'s 5.75% senior notes due 2020 to A- from BBB+.

The outlook is stable.

The ratings reflects the company's continued strong leading position in the property/catastrophe reinsurance market and favorable underwriting results as well as its reasonable operating and financial leverage and overall high quality and liquid portfolio of fixed-income and short-term investments, Fitch said.

The ratings also consider company's alternative investments, which expose its earnings to potential volatility, the agency said.

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