S&P affirms Max Capital, Harbor Point

Standard & Poor's said it affirmed its BBB counterparty credit ratings on Max Capital Group Ltd., and its intermediary holding-company subsidiaries: Max USA Holdings Ltd., Max Europe Holdings Ltd., and Max UK Holdings Ltd. The agency also said it affirmed the A- counterparty credit and financial strength ratings on Max Capital's operating insurance and reinsurance companies.

S&P also said it affirmed its A- counterparty credit and financial strength ratings on Harbor Point Re Ltd. and its U.S. operating subsidiary, Harbor Point Reinsurance US Inc.

The outlook on both companies remains stable.

These actions follow news that Max Capital may merge with Harbor Point, the agency said.

The transaction is expected to create a significantly larger insurance and reinsurance group with about $3 billion in shareholders' equity and $2 billion in gross premium writings, S&P said.

Among the positive factors of the expected transaction is the combined group's improved diversification by platform, product and distribution channel, the agency added.

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