Property Reinsurer Montpelier Downgraded

A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to "a-" from "a" for Montpelier Reinsurance Ltd. A.M. Best also downgraded the ICR to "bbb-" from "bbb" of Montpelier Re Holdings Ltd. and has downgraded all existing debt ratings. Ratings have been assigned to all debt securities recently filed under a $1 billion shelf registration. All ratings remain under review with negative implications. The downgrades are attributable to deterioration in Montpelier's risk-adjusted capitalization following losses incurred...