A.M. Best Co. announced today that it has downgraded the financial strength rating for property reinsurer Montpelier Reinsurance Ltd. in Bermuda to "A-minus" from "A."
The Oldwick, N.J.-based rating agency downgraded existing debt ratings of the holding company also, stating that all ratings remain under review with negative implications.
Downgrades for Montpelier came in spite of the fact that the company raised $600 million in a public equity offering recently.
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