Bermuda-based cat company IPC Re, as of September 6.

The Richmond Road firm was yesterday described by the ratings report as one of the leading property catastrophe underwriters providing capacity to the global marketplace.

IPC Re vice president and chief financial officer, John R. Weale, said, "We are very pleased that Best's have, in this rating, recognised all of the key elements of our approach to business: conservative and strategic underwriting, geographic spread of risk, cost control and growth of earnings and capital.

"With a rating of A , we are in extremely good company. We are confident this news will be well received at this week's reinsurance industry Rendezvous in Monte Carlo.'' A.M. Best said, "The rating and financial size category of Class IX reflects the company's strong capitalisation, tightly controlled exposure management, geographically diversified book of business, good operating earnings and capital growth.'' The company's specialty is in providing property catastrophe treaty reinsurance and to a limited extent marine, aviation and property per risk excess of loss capacity.

The agency said, "IPC Re's competitive advantages include marketing support from American International Group and as a result the company has had impressive growth, with its client base growing by 55 percent, while retaining 95 percent of prior year clients.

"A.M. Best views the exposure initiatives employed by management to maintain solvency and capital as additional factors on which the evaluation was based.

Exposure and investment strategies are designed to ensure that aggregate loss limits for specified geographic zones do not exceed 80 percent of equity and that the investment portfolio is maintained with appropriate liquidity to meet cash requirements imposed on the company as a result of a catastrophe.'' The rating agency noted the company's corporate strategy to continue to be a monoline property catastrophe reinsurer, open new markets, maintain current clients and strategic relationships and employ contemporary underwriting, claim and management techniques and tools.