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S&P: Montpelier preferreds BB+
Standard & Poor's said it assigned a BB+ preferred stock rating to Montpelier Re Holdings Ltd.'s (BBB/stable) $150 million of 8 7/8% perpetual noncumulative preferred stock issue.
The proceeds from the preferred stock will increase the company's financial flexibility.
Montpelier's gross premiums written increased about 13% to $720 million in 2010 and its operating performance deteriorated somewhat because of higher catastrophe losses endemic to the industry, the agency noted.
Montpelier's catastrophe losses from the New Zealand and Chilean earthquakes and the Deepwater Horizon disaster were $155.9 million, the agency added. Partially offsetting these losses was $109.3 million of favorable loss reserve development.
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