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Prospect News home > News index > List of issuers V > Headlines for Validus Holdings, Ltd. > News item |
Fitch rates Validus notes BBB
Fitch Ratings said it assigned an A- insurer financial strength rating to Validus Reinsurance, Ltd., the principal reinsurance operating subsidiary of Validus Holdings, Ltd. The agency also said it assigned a BBB+ issuer default rating to Validus, along with BBB ratings to its senior unsecured notes and a BB+ rating to Validus' junior subordinated debt instruments.
The outlook is stable.
The ratings reflect Validus' record of strong underwriting profitability, solid capitalization and high-quality and liquid investment portfolio that supports the company's loss reserves, Fitch said.
The ratings also consider Validus' significant exposure to earnings and capital volatility derived from its property catastrophe reinsurance products, comparatively short operating history and rapid growth and the current competitive market conditions and low interest rate environment, the agency said.
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