Fitch downgrades Montpelier Re ratings two notches
Fitch has downgraded the long-term and senior debt ratings of Montpelier Re to 'BB' from 'BBB-' and the insurer financial strength (IFS) rating of Montpelier Reinsurance to 'BBB' from 'A-'. All ratings remain on Rating Watch Negative.
The rating actions follow Montpelier Re's announcement of an $875m net loss for the third quarter. The net loss includes $950m of losses related to Hurricanes Katrina and Rita. Montpelier Re alsoOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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