S&P lifts Validus

Standard & Poor's said it raised the financial strength rating on Validus Reinsurance Ltd. (Validus Re) to A from A-and its counterparty credit rating on holding company Validus Holdings Ltd. to BBB+ from BBB.

The outlook remains stable.

Since beginning operations in 2006, Validus has shown strong operating performance with less volatility in underwriting performance than many peers, S&P said.

The company also outperformed its peers in 2011, a year with substantial catastrophe losses around the globe, the agency said.

S&P said it believes the company's performance will continue to benefit from its strong catastrophe risk management.

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