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S&P downgrades Odyssey Re

Rating agency Standard & Poor's (S&P) has lowered its counterparty credit and financial strength rati...

Rating agency Standard & Poor's (S&P) has lowered its counterparty credit and financial strength ratings on the Odyssey Re Group to 'BBB+' (good) from 'A-' (strong).
The group includes Odyssey America Re, Odyssey Re and CTR of France.
"Many of Fairfax's insurance and reinsurance operations are currently experiencing some level of re-underwriting, consolidation, restructuring or change in management, creating uncertainty as to future premium levels and profitability," S&P said.
The rating agency added that Fairfax's large number of recent acquisitions has left it with the difficult task of turning around several operations at the same time.
The downgrade follows a decision by Odyssey Re's parent company, Toronto-based Fairfax Financial Holdings, to cease writing property and casualty business through Odyssey Re (Bermuda). US-based Odyssey America Re will continue to write property and casualty business.
Fairfax also announced that it is to cease writing business through Sphere Drake Insurance. Fairfax has requested that S&P remove its 'BBB-' ratings on Sphere Drake and Odyssey Re (Bermuda).
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