A.M. Best Affirms Ratings of Validus Reinsurance, Ltd. and Validus Holdings, Ltd.Removes Ratings From Under Review OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of Validus Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , Ltd. (Validus Re). Concurrently, A.M. Best has affirmed the ICR of "bbb-" of Validus Holdings, Ltd. (Validus) (both of Hamilton, Bermuda) [NYSE NYSE See: New York Stock Exchange : VR]. All ratings have been removed from under review with negative implications and assigned a stable outlook. These rating actions follow Validus' closing of the acquisition of Talbot Holdings (Talbot), which took place on July 2, 2007, as well as Validus' completion of its capital raising initiatives, which were necessary to support the risk-adjusted capital position of the company. Validus raised over $545 million from an initial public offering of common stock and the issuance of hybrid junior subordinated deferrable debentures. The affirmation of Validus' ratings reflects its solid risk-adjusted capital position and conservative integration plan. Talbot, which operates through Lloyd's Syndicate 1183, will enhance Validus' market profile and it will be a core business within Validus' overall corporate strategy. Talbot brings a seasoned and more diverse book of business in addition to broader market access. Partially offsetting these rating strengths is the general softening market environment and the additional demands on management's time that the integration requires. Management's fortitude Fortitude See also Bravery. Fratricide (See MURDER.) Asia despite torture, refuses to deny Moses. [Islam: Walsh Classical, 35] Calantha fulfills wifely and queenly duties despite losses. [Br. Lit. and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. discipline will be tested in the near term. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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