Best Gives Platinum Underwriters an 'A' Rating

A.M. Best Co. has assigned an initial financial strength rating of A (Excellent) to the reinsurance subsidiaries of the newly formed Platinum Underwriters Holdings Ltd. (Platinum) [NYSE:PTP] (Bermuda) and assigned an initial rating of "bbb+" to the equity security units included with this initial public offering. Future obligations by the investors to acquire Platinum's common stock under these equity security units are secured by senior notes issued by Platinum Underwriters Finance, Inc. and are guaranteed by Platinum. The outlook for these ratings is stable. Platinum, formed to assume the...