AM Best has downgraded the long-term issuer credit rating of Sompo International Holdings Ltd, the Bermudian-based re/insurer, from “a” (Excellent) to “a-” (Excellent).

The agency said the downgrade is to harmonise the intermediate holding company credit ratings of SIH with the financial strength ratings of Sompo Japan Insurance Inc.

The ratings of the insurance operating companies of SIH remain unchanged.

Concurrently, AM Best has affirmed the long-term issue credit ratings of “a-” (Excellent), which are guaranteed by SIH. The outlook of these ratings is stable.

The following long-term IRs have been affirmed with stable outlooks:

Sompo International Holdings Ltd: “a-” (Excellent) on $335 million 7 per cent senior unsecured notes, due 2034 (issued by Endurance Specialty Holdings Ltd and guaranteed by SIH); and “a-” (Excellent) on $300 million 4.7 per cent senior unsecured notes, due 2022 (issued by Montpelier Re Holdings Ltd and guaranteed by SIH).