Bermuda-based Montpelier Re Holdings Ltd. on Monday welcomed the announcement by Standard & Poor’s Ratings Services that it had reaffirmed its “positive” outlook on Montpelier Reinsurance Ltd. and Montpelier Re Holdings Ltd. S&P also reaffirmed its ‘A-‘ counterparty credit and financial strength ratings on Montpelier and its ‘BBB’ counterparty credit rating on MRH.
On Feb. 25, the company announced:
1. The declaration of a special dividend of $5.50 per common share and per warrant, or approximately $390 million in total. The dividend is payable on March 31st, 2005 to shareholders of record on March 15th, 2005. Subject to the rules of the New York Stock Exchange, the ex-dividend date for the special dividend will be March 11th, 2005.
2. An increase in the regular quarterly dividend for 2005, as and when declared, of 5.9%, to $0.36 per common share and per warrant.
In the most recent bulletin, Standard and Poor’s said, “The positive outlook reflects Standard & Poor’s increased confidence level that Montpelier has made strides in establishing a successful track record as a successful property catastrophe reinsurance company since its inception of writings in 2002. This success is demonstrated in Montpelier’s operating performance in 2004, its first significantly impacted catastrophe loss year, and most recently in the January 2005 renewals.”
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