Bermuda-based insurer Catlin Group Ltd. had the outlook on its ratings raised to positive from stable by Standard & Poor's Ratings Services.

S&P cited Catlin's progress in developing a strongly diversified and profitable business model in key international markets.

Specialty insurer and reinsurer Catlin Group's core subsidiaries are Bermuda-based Catlin Insurance Co Ltd and Catlin Insurance Co (UK) Ltd.

S&P also affirmed its 'A-' long-term counterparty credit and insurer financial strength ratings on these subsidiaries, citing Catlin's strong competitive position, operating performance, capitalisation, and adequate and improving enterprise risk management.

However, these strengths are offset by Catlin's earnings volatility, the residual integration risk involved with Wellington Underwriting PLC and Catlin's growth strategy into new and softening markets, S&P added.