AM Best withdraws rating of Starbound Reinsurance II sidecar

by Artemis on August 15, 2008

A.M. Best Co. has withdrawn Starbound Reinsurance II Limited’s (Bermuda) ‘A’ credit rating as a result of Starbound Reinsurance II terminating its one year retrocessional reinsurance agreements with Renaissance Re. The initial debt proceeds and remaining equity have been distributed to investors.

We haven’t seen any sign of Renaissance Re tapping the capital markets to replace this cover so perhaps this is indicative of the cheaper cover available in Florida this year?

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