Ratings agency Standard & Poor's has assigned three subsidiaries of Bermuda-based Centre Solutions Ltd. double-A financial strength and counterparty credit ratings.

The agency calculated the outlook for Centre Insurance Co., ZC Specialty Insurance Co. and Centre Solutions (US) Ltd. as stable.

It found explicit group support including various forms of intercompany reinsurance from strategic companies within the Centre Solutions group served to protect each company's capital base.

Centre Solutions (US) is a newly formed Bermuda-based company with $300 million in capital that has elected to become a US taxpaying entity.

Centre Insurance Co. is a newly-acquired shell company, domiciled in Delaware and capitalised with $82 million, which is expected to provide the Centre group with US admitted paper capabilities.

ZC Specialty Insurance is an excess and surplus line writer that is domiciled in Texas and capitalised with $75 million.

A statement from Standard & Poor's said the subsidiaries complemented Centre Solutions (Bermuda)'s long-term strategies.

They "enable the group to continue effectively servicing the US market and customising insurance, reinsurance, structured finance and risk management programmes for its clients'', it said.

The ratings agency put the subsidiaries -- which are security circle insurers/reinsurers -- though its most comprehensive analysis to assign the ratings which are in one of the top four categories for financial security.