S&P rates Montpelier Re

Standard & Poor's said it assigned its preliminary BBB senior debt, BBB- subordinated debt and BB+ preferred stock ratings to Montpelier Re Holdings Ltd.

At the same time, the agency said it affirmed its BBB counterparty credit rating on MRH and its A- financial strength and counterparty credit rating MRH's operating subsidiary, Montpelier Reinsurance Ltd.

The outlook remains negative.

S&P said that the ratings on the group reflect its strong market position within the property catastrophe reinsurance market.

In addition, S&P said it expects that Montpelier will be successful in its efforts to reduce the volatility inherent in its product mix while generating an appropriate level of profitability through improved risk-management and modeling capabilities.

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