Swiss-domiciled MS Reinsurance, the global reinsurer with underwriting offices in Bermuda and three other cities, has received rating upgrades from two major rating agencies.

AM Best upgraded the company’s financial strength rating to A+ (Superior) from A (Excellent) and the long-term issuer credit rating to “aa-” (Superior) from “a” (Excellent).

S&P raised the company’s financial strength rating to A+ from A, and affirmed its A issuer credit rating.

AM Best said their upgrades reflected the financial strength, operational performance, business profile and risk management practices inherent in MS Reinsurance’s business strategy and acknowledged the explicit support received from the company’s shareholder, Mitsui Sumitomo Insurance Company, Limited.

MS Reinsurance chief executive Robert Wiest said: “We are very pleased that AM Best and S&P have acknowledged MS Reinsurance’s strong financial and business profile with these financial strength rating upgrades.

“These decisions to lift our ratings supports our strategy focused on diversification and portfolio optimisation and acknowledges our successful client-focused approach. The upgrades also reflect the significant remedial and transformation work that the company has undertaken in recent years.

“With these improved ratings,” he concluded, “MS Reinsurance is even better positioned as a reliable partner, providing the enduring support and security that our business partners are looking for.”

MS Reinsurance also has underwriting offices in Zurich, Miami and New York.