S&P raises Validus

Standard & Poor's said it raised its counterparty credit rating on Validus Holdings Ltd. to BBB from BBB-.

At the same time, S&P said it assigned A- counterparty credit and financial strength ratings to Validus' insurance subsidiary, Validus Reinsurance Ltd.

The outlook on both is stable.

"The upgrade reflects Validus' successful integration and retention of the profitable portions of IPCs book of business, which has resulted in an enhanced competitive position through the significant expansion of its presence in the global property catastrophe market and a larger balance sheet," said S&P credit analyst Tracy Dolin.

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