TITLE

S&P Rates Wachovia's BluePoint Re AA With Stable Outlook

AUTHOR(S)
Chang, Helen
PUB. DATE
October 2004
SOURCE
Bond Buyer;10/26/2004, Vol. 350 Issue 31997, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Standard & Poor's assigned a AA rating with a stable outlook to new financial guaranty reinsurer, BluePoint Re Ltd., based on its capital, underwriting and risk management, and support from parent company Wachovia Corp. In late 2002, the reinsurance landscape changed drastically as reinsurers were downgraded for declining profitability and losses due to contracts that required them to back risky credits underwritten by primary insurers, which were ceding higher risk and lower profitability business.
ACCESSION #
14849120

 

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