A.M. Best Comments on Ratings of Harbor Point Limited and Its Subsidiaries
05 March 2010 - 12:49AM
Business Wire
A.M. Best Co. has commented that the financial strength
rating of A (Excellent) and issuer credit ratings (ICR) of “a” of
Harbor Point Re Limited, Harbor Point Reinsurance U.S.,
Inc. (HPRUS) (Greenwich, CT) and the ICR of “bbb” of their
parent holding company, Harbor Point Limited (Harbor Point)
are unaffected by the definitive agreement reached to merge with
Max Capital Group Ltd. (MXGL) [NASDAQ: MXGL]. All companies
are domiciled in Hamilton, Bermuda, except where specified.
In A. M. Best’s opinion, the merger between Harbor Point and
MXGL will enhance the capacity and distribution capability of
Harbor Point’s products due to the complementary nature of MXGL’s
existing operating platforms. The combined organization will
benefit from operating synergies, limited overlap in lines of
business and improved diversification.
Offsetting factors relate to the execution risk of integrating
these two diverse organizations. However, these risks are somewhat
mitigated by Harbor Point’s strong management team, which has
historically demonstrated solid enterprise risk management
fundamentals.
Harbor Point is a reinsurance holding company with
operating subsidiaries in Bermuda and the United
States. Through its operating subsidiaries, Harbor Point
writes property catastrophe, casualty and specialty reinsurance. In
connection with its formation in 2005, Harbor Point acquired the
business and continuing operations of Chubb Re, including the
renewal rights to Chubb Re’s in force book of assumed reinsurance
business.
For Best’s Credit Ratings, an overview of the rating process and
rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
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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