Moody's ups Crum & Forster

Moody's Investors Service said it upgraded the senior debt rating of Crum & Forster Holdings Corp. to Ba2 from Ba3, concluding the review for upgrade which began on July 17.

The outlook is stable.

According to Moody's, the rating upgrade reflects management's success in improving underwriting discipline and results, the higher profitability and increasing financial flexibility at Crum & Forster's parent, Fairfax Financial Holdings Ltd.

The agency said it continues to be concerned by the company's exposure to catastrophe risk and the possibility of continued adverse development of asbestos and environmental liabilities.

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