Moody's Investors Service lowered the insurance financial strength rating of Montpelier Reinsurance Ltd. to "Baa1″ from "A3."

The New York-based rating service said the outlook is stable.

Moody's said the action follows the company's report of substantial losses from the recent hurricanes, representing 66 percent of shareholders equity as of June 30 and over two years' worth of net income.

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