The volatility of the property-casualty market requires the segmentation of risk among reinsurers. With recent catastrophes underscoring this need, Standard & Poor’s Rating Service has released a paper outlining its criteria for rating start-up reinsurers.

Ten years ago, the New York-based rating service said it did not rate start-up companies. S&P required five years of operating history before issuing a rating. Today, the service says it rates insurers with a shorter history, as well as new companies, but under strict rating rules.

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