"We're keeping the IPC ratings on CreditWatch negative to reflect the uncertainty surrounding IPC's management team and corporate strategy under the new ownership," explained credit analyst Taoufik Gharib. "With the possibility of a different corporate strategy under a new ownership and a potentially changing management team, IPC is entering hurricane season with many uncertainties, which raises our concern," S&P added. 
Share:  <span class="sent">"We're keeping the <span class="company">IPC</span> ratings on CreditWatch negative to reflect the uncertainty surrounding <span class="company">IPC</span>'s management team and corporate strategy under the new ownership," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span> "With the possibility of a different corporate strategy under a new ownership and a potentially changing management team, <span class="company">IPC</span> is entering hurricane season with many uncertainties, which raises our concern," S&P added. Tweet this 

Standard & Poor's Ratings Services has placed its 'BBB' counterparty credit rating on Bermuda based IPC Holdings Ltd on CreditWatch with negative implications. S&P also placed its 'A ' counterparty credit and financial strength ratings on IPCRe Ltd and its 'A ' financial strength rating on IPCRe Europe Ltd. , IPC's main operating subsidiaries , on CreditWatch negative. "We placed the ratings on CreditWatch negative to reflect the uncertainty surrounding IPC's senior management and corporate strategy," explained credit analyst Taoufik Gharib.  
Share:  Standard & Poor's Ratings Services has placed its 'BBB' counterparty credit rating on Bermuda based <span class="company">IPC</span> Holdings Ltd on CreditWatch with negative implications. S&P also placed its 'A ' counterparty credit and financial strength ratings on <span class="company">IPC</span>Re Ltd and its 'A ' financial strength rating on <span class="company">IPC</span>Re Europe Ltd. , <span class="company">IPC</span>'s main operating subsidiaries , on CreditWatch negative. <span class="sent"> "We placed the ratings on CreditWatch negative to reflect the uncertainty surrounding <span class="company">IPC</span>'s senior management and corporate strategy," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span>...S&P also placed its 'A ' counterparty credit and financial strength ratings on <span class="company">IPC</span>Re Ltd and its 'A ' financial strength rating on <span class="company">IPC</span>Re Europe Ltd. , <span class="company">IPC</span>'s main operating subsidiaries , on CreditWatch negative. <span class="sent"> "We placed the ratings on CreditWatch negative to reflect the uncertainty surrounding <span class="company">IPC</span>'s senior management and corporate strategy," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span> Tweet this 

"The downgrade stems from Everest's inability to exploit its competitive position to generate sustainable, strong underwriting and operating results commensurate with the former rating," explained credit analyst Taoufik Gharib. S&P also noted that the rating action was the result of the company's "continuous adverse reserve developments, which have plagued earnings. In addition, Everest's enterprise risk management (ERM) program is adequate, but the implementation of a more robust program has been slower than expected." 
Share:  <span class="sent">"The downgrade stems from <span class="company">Everest</span>'s inability to exploit its competitive position to generate sustainable, strong underwriting and operating results commensurate with the former rating," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span> S&P also noted that the rating action was the result of the company's "continuous adverse reserve developments, which have plagued earnings. In addition, <span class="company">Everest</span>'s enterprise risk management (ERM) program is adequate, but the implementation of a more robust program has been slower than expected." Tweet this 

Best said: "Based on fourth quarter 2008 reserve development, Eastern Re increased its loss and loss adjustment expense reserves by $13.9 million, which represents the estimated impact as established by an independent actuary on the remaining open claims. The company, through the reallocation of capital, has increased the capitalization level of Eastern Re in an effort to bring it in line with the capitalization requirements of A.M. Best. Additionally, Eastern Re has provided A.M. Best with the strategy and more conservative documentation standards regarding this book of business for monitoring claims and reserve issues going forward." Standard & Poor's Ratings Services has revised its outlook on Top Layer Reinsurance Ltd to negative from stable. S&P has also affirmed its 'AA' counterparty and financial strength ratings on the company. "We revised the outlook to negative because we revised the outlook on State Farm Mutual Automobile Insurance Co (AA/Negative/--) to negative," explained credit analyst Taoufik Gharib.  
Share:  Best said: "Based on fourth quarter 2008 reserve development, Eastern Re increased its loss and loss adjustment expense reserves by $13.9 million, which represents the estimated impact as established by an independent actuary on the remaining open claims. The company, through the reallocation of capital, has increased the capitalization level of Eastern Re in an effort to bring it in line with the capitalization requirements of A.M. Best. Additionally, Eastern Re has provided A.M. Best with the strategy and more conservative documentation standards regarding this book of business for monitoring claims and reserve issues going forward." Standard & Poor's Ratings Services has revised its outlook on Top Layer Reinsurance Ltd to negative from stable. S&P has also affirmed its 'AA' counterparty and financial strength ratings on the company. <span class="sent"> "We revised the outlook to negative because we revised the outlook on State Farm Mutual Automobile Insurance Co (AA/Negative/--) to negative," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span> Tweet this 

The negative factors affecting the rating on Max were its limited scale and market presence, largely a Bermuda-based distribution channel with Fortune 1,000 account concentrations, and high hedge fund exposure that previously constituted 20 percent of the investment portfolio." S&P also indicated that it "believes that the merger of IPC and Max will address many of these negative factors, and as such, the new combined entity will create a stronger combined re/insurance group." Credit analyst Taoufik Gharib added: "The stable outlook reflects our view that the merger will establish a consolidated entity that has significant scale relative to peers and can maintain excess capital, increase global client access, reduce hedge fund exposure, and decrease earnings/capital volatility." In addition S&P characterized the merger of the two companies as immediately establishing "an entity that is in a favorable position vis- -vis some of its peers. The key factor of the merger is the minimal overlap of the two companies. 
Share:  The negative factors affecting the rating on <span class="company">Max</span> were its limited scale and market presence, largely a Bermuda-based distribution channel with Fortune 1,000 account concentrations, and high hedge fund exposure that previously constituted 20 percent of the investment portfolio." S&P also indicated that it "believes that the merger of IPC and <span class="company">Max</span> will address many of these negative factors, and as such, the new combined entity will create a stronger combined re/insurance group." <span class="sent"> Credit analyst <span class="analyst">Taoufik Gharib</span> added: "The stable outlook reflects our view that the merger will establish a consolidated entity that has significant scale relative to peers and can maintain excess capital, increase global client access, reduce hedge fund exposure, and decrease earnings/capital volatility." </span> In addition S&P characterized the merger of the two companies as immediately establishing "an entity that is in a favorable position vis- -vis some of its peers. The key factor of the merger is the minimal overlap of the two companies. Tweet this 

The negative factors affecting the rating on Max were its limited scale and market presence, largely a Bermuda-based distribution channel with Fortune 1,000 account concentrations, and high hedge fund exposure that previously constituted 20 percent of the investment portfolio." S&P also indicated that it "believes that the merger of IPC and Max will address many of these negative factors, and as such, the new combined entity will create a stronger combined re/insurance group." Credit analyst Taoufik Gharib added: "The stable outlook reflects our view that the merger will establish a consolidated entity that has significant scale relative to peers and can maintain excess capital, increase global client access, reduce hedge fund exposure, and decrease earnings/capital volatility." In addition S&P characterized the merger of the two companies as immediately establishing "an entity that is in a favorable position vis- -vis some of its peers. The key factor of the merger is the minimal overlap of the two companies. 
Share:  The negative factors affecting the rating on <span class="company">Max</span> were its limited scale and market presence, largely a Bermuda-based distribution channel with Fortune 1,000 account concentrations, and high hedge fund exposure that previously constituted 20 percent of the investment portfolio." S&P also indicated that it "believes that the merger of IPC and <span class="company">Max</span> will address many of these negative factors, and as such, the new combined entity will create a stronger combined re/insurance group." <span class="sent"> Credit analyst <span class="analyst">Taoufik Gharib</span> added: "The stable outlook reflects our view that the merger will establish a consolidated entity that has significant scale relative to peers and can maintain excess capital, increase global client access, reduce hedge fund exposure, and decrease earnings/capital volatility." </span> In addition S&P characterized the merger of the two companies as immediately establishing "an entity that is in a favorable position vis- -vis some of its peers. The key factor of the merger is the minimal overlap of the two companies. Tweet this 

S&P also said that the outlook on both of these companies is stable. "The supported ratings on both companies are based on their strategic importance to Tokio Marine & Nichido Fire Insurance Co. Ltd (TMNF) ('AA'/Stable/A-1+) and therefore receive an uplift in the ratings," explained credit analyst Taoufik Gharib. "According to our criteria, these ratings are capped at one notch below the ratings assigned to core group members." S&P added that "PHLY's stand-alone characteristics include its strong competitive position, strong operating performance, and very strong capitalization. Offsetting these strengths are the company's aggressive growth strategy (including the introduction of new products in a difficult insurance cycle), key-men risk, and relatively high gross property catastrophe exposure. 
Share:  S&P also said that the outlook on both of these companies is stable. <span class="sent"> "The supported ratings on both companies are based on their strategic importance to <span class="company">Tokio Marine & Nichido Fire Insurance</span> Co. Ltd (TMNF) ('AA'/Stable/A-1+) and therefore receive an uplift in the ratings," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span> "According to our criteria, these ratings are capped at one notch below the ratings assigned to core group members." S&P added that "PHLY's stand-alone characteristics include its strong competitive position, strong operating performance, and very strong capitalization. Offsetting these strengths are the company's aggressive growth strategy (including the introduction of new products in a difficult insurance cycle), key-men risk, and relatively high gross property catastrophe exposure. Tweet this 

S&P also said that the outlook on both of these companies is stable. "The supported ratings on both companies are based on their strategic importance to Tokio Marine & Nichido Fire Insurance Co. Ltd (TMNF) ('AA'/Stable/A-1+) and therefore receive an uplift in the ratings," explained credit analyst Taoufik Gharib. "According to our criteria, these ratings are capped at one notch below the ratings assigned to core group members." S&P added that "PHLY's stand-alone characteristics include its strong competitive position, strong operating performance, and very strong capitalization. Offsetting these strengths are the company's aggressive growth strategy (including the introduction of new products in a difficult insurance cycle), key-men risk, and relatively high gross property catastrophe exposure. 
Share:  S&P also said that the outlook on both of these companies is stable. <span class="sent"> "The supported ratings on both companies are based on their strategic importance to <span class="company">Tokio Marine</span> & Nichido Fire Insurance Co. Ltd (TMNF) ('AA'/Stable/A-1+) and therefore receive an uplift in the ratings," explained credit analyst <span class="analyst">Taoufik Gharib</span>. </span> "According to our criteria, these ratings are capped at one notch below the ratings assigned to core group members." S&P added that "PHLY's stand-alone characteristics include its strong competitive position, strong operating performance, and very strong capitalization. Offsetting these strengths are the company's aggressive growth strategy (including the introduction of new products in a difficult insurance cycle), key-men risk, and relatively high gross property catastrophe exposure. Tweet this 

Standard & Poor's Ratings Services has assigned its 'AA-' counterparty credit and financial strength ratings on Renaissance Reinsurance of Europe (RenRe Europe) with a stable outlook. "RenRe Europe, an Ireland-based company, is a subsidiary of Renaissance Reinsurance Ltd (RenRe; AA-/Stable/--), of which the ultimate parent is RenaissanceRe Holdings Ltd (NYSE:RNR; A/Stable/--)," said S&P. "RenRe Europe primarily underwrites property catastrophe and specialty reinsurance coverage for re/insurers in Europe, reflecting an aligned strategy with its parent company." . Credit analyst Taoufik Gharib added: "We view RenRe Europe as core to RenRe, solely based on the strong explicit support in place. Therefore, the ratings on RenRe Europe depend entirely on this contractual support rather than on the intrinsic characteristics of the Irish subsidiary." This explicit support includes: . 
Share:  Standard & Poor's Ratings Services has assigned its 'AA-' counterparty credit and financial strength ratings on <span class="company">Renaissance Reinsurance</span> of Europe (RenRe Europe) with a stable outlook. "RenRe Europe, an Ireland-based company, is a subsidiary of <span class="company">Renaissance Reinsurance</span> Ltd (RenRe; AA-/Stable/--), of which the ultimate parent is RenaissanceRe Holdings Ltd (NYSE:RNR; A/Stable/--)," said S&P. "RenRe Europe primarily underwrites property catastrophe and specialty reinsurance coverage for re/insurers in Europe, reflecting an aligned strategy with its parent company." . <span class="sent"> Credit analyst <span class="analyst">Taoufik Gharib</span> added: "We view RenRe Europe as core to RenRe, solely based on the strong explicit support in place. </span> Therefore, the ratings on RenRe Europe depend entirely on this contractual support rather than on the intrinsic characteristics of the Irish subsidiary." This explicit support includes: . Tweet this 

Standard & Poor's Ratings Services has assigned its 'AA-' counterparty credit and financial strength ratings on Renaissance Reinsurance of Europe (RenRe Europe) with a stable outlook. "RenRe Europe, an Ireland-based company, is a subsidiary of Renaissance Reinsurance Ltd (RenRe; AA-/Stable/--), of which the ultimate parent is RenaissanceRe Holdings Ltd (NYSE:RNR; A/Stable/--)," said S&P. "RenRe Europe primarily underwrites property catastrophe and specialty reinsurance coverage for re/insurers in Europe, reflecting an aligned strategy with its parent company." . Credit analyst Taoufik Gharib added: "We view RenRe Europe as core to RenRe, solely based on the strong explicit support in place. Therefore, the ratings on RenRe Europe depend entirely on this contractual support rather than on the intrinsic characteristics of the Irish subsidiary." This explicit support includes: . 
Share:  Standard & Poor's Ratings Services has assigned its 'AA-' counterparty credit and financial strength ratings on <span class="company">Renaissance Reinsurance</span> of Europe (RenRe Europe) with a stable outlook. "RenRe Europe, an Ireland-based company, is a subsidiary of <span class="company">Renaissance Reinsurance</span> Ltd (RenRe; AA-/Stable/--), of which the ultimate parent is RenaissanceRe Holdings Ltd (NYSE:RNR; A/Stable/--)," said S&P. "RenRe Europe primarily underwrites property catastrophe and specialty reinsurance coverage for re/insurers in Europe, reflecting an aligned strategy with its parent company." . <span class="sent"> Credit analyst <span class="analyst">Taoufik Gharib</span> added: "We view RenRe Europe as core to RenRe, solely based on the strong explicit support in place. </span> Therefore, the ratings on RenRe Europe depend entirely on this contractual support rather than on the intrinsic characteristics of the Irish subsidiary." This explicit support includes: . Tweet this