Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Bay Point Re Ltd. > News item |
S&P rates Bay Point Re loan BB
Standard & Poor's said it assigned a BB counterparty credit rating to Bay Point Re Ltd. and a BB senior secured debt rating to Bay Point's term loan debt facility of up to $125 million. The outlook is stable.
Bay Point is a limited-life, special-purpose class 3 reinsurance company based in Bermuda that was set up specifically to offer quota share reinsurance to Harbor Point Re Ltd. (A-/stable).
S&P said the senior debt rating reflects the modeled risk inherent in writing property catastrophe business and to a lesser extent Bay Point's delegation of underwriting authority to Harbor Point.
These negative factors are balanced by Harbor Point's strong competitive position and risk management, good alignment of interests between Bay Point and its cedant, the unique structure of sidecars and a low modeled probability of attachment, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.