A.M. Best Co.

The leading rating agency has upgraded their rating to "A-'' (Excellent), since the former Bermuda and London insurer, Sphere Drake Ltd., was purchased by Toronto-based Fairfax Financial Holdings Ltd. and assimilated into their Odyssey Re operations.

Chairman and CEO of Odyssey Re Bermuda and London, Michael Watson said: "I welcome this increase in our ratings by A.M. Best, which reflects the benefits of our acquisition by Fairfax, the significant strengthening of our balance sheets and the strategic role our companies will play within Odyssey Re Group.

"This uplift in ratings puts us in an excellent position to take full advantage of market opportunities during the coming months.''