A.M. Best Affirms Ratings of Platinum and Its Reinsurance Subsidiaries; Removes All Ratings From Under Review

A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a” of the reinsurance subsidiaries of Platinum Underwriters Holdings, Ltd. (Platinum) (NYSE: PTP) (Bermuda). Concurrently, A.M. Best has affirmed the ICR of “bbb” of Platinum and all its existing debt ratings. The proceeds from these notes improve the group’s overall capital position and, in particular, include a significant capital contribution to Platinum’s Bermuda subsidiary, Platinum Underwriters Bermuda Ltd., whose risk-adjusted capital had declined significantly as a result of the southeast windstorms in 2004…..

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