Bermuda-based Harbor Point Re Ltd. and its wholly-owned subsidiary Harbor Point Reinsurance US Inc. has been affirmed the financial strength rating of A (excellent) and issuer credit ratings (ICR) of "a" by AM Best Co.

Concurrently, Best has affirmed the ICR of "bbb" of the parent holding company, Harbor Point Ltd. The outlook for all ratings is stable.

Best said the ratings reflect Harbor Point's strong level of risk-adjusted capitalisation, diversified business profile, experienced management team and acceptable performance since inception. The ratings recognise the successful transition from its origin as part of The Chubb Corporation and the franchise value embedded within the organisation. The ratings agency said that Harbor Point's underwriting performance has been solid and in line with its peers on a calendar year basis despite the unavailability of favourable prior year loss reserve development, which boosted the results of many peers.

Furthermore, investment performance over the most recent three-year period was impacted by the volatility in overall economic conditions during 2008, but the company has benefited from its concentration in short duration and high quality fixed income securities and cash, it added.