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Bulletin: Montpelier Re Holdings Ltd. Ratings Unaffected By MUSIC Sale To Selective Insurance Group Inc. Sep 11
Standard & Poors, Sep 2011
Abstract
NEW YORK (Standard & Poor's) Sept. 20, 2011--Standard & Poor's Ratings Services said today that its ratings on Bermuda-based Montpelier Re Holdings Ltd. (NYSE:MRH; BBB/Stable/--) and its core operating subsidiary Montpelier Reinsurance Ltd. (A-/Stable/--) are not affected by the sale of the Montpelier U.S. Insurance Co. (MUSIC) to Selective Insurance Group Inc. for approximately $55 million in cash consideration. Although MUSIC provided a source of premium diversification to Montpelier (7% of 2010 gross premiums written), it did not provide any earnings diversification. The transaction will likely close in fourth-quarter 2011....
Companies mentioned in this report are: Montpelier Re Holdings Ltd.,Montpelier Reinsurance Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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