A day after Bermuda-based Montpelier Re Holdings announced an $875.1 million loss written in red ink on the bottom line of its income statement, Fitch said it would cut the company's ratings.

Nearly $1 billion in hurricane losses contributed to the third-quarter net loss, which equates to $12.16 per share.

Fitch today downgraded the insurer financial strength rating of Montpelier Reinsurance Ltd to "triple-B" from "A-minus." The Chicago-based rating agency also cut the long-term and senior debt ratings of Montpelier Re Holdings Ltd. to "double-B" from "triple-B-minus."

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