A.M. Best Upgrades Issuer Credit Ratings Of Odyssey Re Holdings Corp.’s Subsidiaries
A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of A (Excellent) of the Odyssey Reinsurance Group (Odyssey Re) members. Concurrently, A.M. Best has affirmed the ICR of “bbb” and the debt ratings of Odyssey Re Holdings Corp. (Odyssey Re Holdings) (Wilmington, DE). The outlook for these ratings is stable.
Additionally, A.M. Best has assigned an FSR of A (Excellent) and an ICR of “a+” to Hudson Excess Insurance Company (Wilmington, DE), the newest member of Odyssey Re. The outlook assigned to both ratings is stable. (See below for a detailed list of the companies and ratings.)
The ICR upgrades reflect Odyssey Re’s excellent risk-adjusted capitalization, strong financial performance and sound business position. Odyssey Re is a global underwriter of reinsurance and specialty primary insurance products and ranks among the top 15 global reinsurance groups in terms of premium volume. Odyssey Re's competitive position benefits from its worldwide market presence with regard to business mix and geographic reach. These positive attributes are further supported by Odyssey Re's diversified geographic client base, combined with its large line capacity, broad product capability and an opportunistic business strategy. Odyssey Re's investment management philosophy, which emphasizes a total return strategy, has augmented its earnings to the extent that on a total return basis it has outperformed its reinsurance peers over the past five-year period. The ratings also recognize Odyssey Re's strong liquidity and the benefits derived from access to its ultimate parent , Fairfax Financial Holdings Limited (Fairfax), and Fairfax's access to public markets.
Somewhat offsetting these strengths are the challenging underwriting and investment environments and Odyssey Re’s historical reliance on both realized and unrealized capital gains to bolster its overall financial performance. A.M. Best views this source of earnings as more variable and less predictable than earnings sourced from underwriting.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV