Montpelier Re Holdings Ltd’s enterprise risk management (ERM) rating has been upgraded to “strong” by ratings agency Standard & Poor’s.The Bermuda reinsurer’s A- financial strength and counterparty credit ratings were also affirmed.In raising the company’s ERM rating from “adequate with a positive trend” to “strong”, S&P noted “evidence of a strong risk culture throughout all levels of the organisation”.The agency added: “Moreover, we also consider the firm’s modelling and strategic risk management as strong. The company’s risk culture, governance, and catastrophe risk controls practices are comparable to the best practices among its peers.”