Standard & Poor's set the ratings for two property-focused Bermuda reinsurers to "A-minus" this morning, downgrading IPC Re from "A" and affirming Montpelier Re.
Commenting on the IPC Re downgrade (and simultaneous downgrades of credit ratings for the holding company of the reinsurance operations), S&P highlighted lack of diversification as a key issue.
The New York-based firm said IPC Re's "chosen narrow business focus" puts constraints on its strategic flexibility and makes it "more vulnerable to external factors that are beyond its control than are its diversified peers."
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