Summary: Ariel Reinsurance Co. Ltd. Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services' financial strength rating on Ariel Reinsurance Co. Ltd. (Ariel Re), which is domiciled in Bermuda, reflects the company's strong operating performance, experienced management team, conservative investments, and strong liquidity. Offsetting these strengths are the company's relatively short track record, potential earnings and balance sheet volatility from high severity exposures, and limited financial flexibility. Partially mitigating this volatility is the diversification provided through Atrium Underwriting Group. Ariel Re is an operating subsidiary of Ariel Holdings Ltd. (not rated). Ariel Holdings Ltd., Ariel Re, and Atrium Underwriting Group are collectively referred to as Ariel. Ariel began operations writing property catastrophe business in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, when reinsurance capacity was particularly...

Companies mentioned in this report are: Ariel Reinsurance Co. Ltd.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Ariel Reinsurance Co. Ltd.

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