the claims paying ability rating of Compagnie de Reassurance d'Ile de France (Corifrance), the newly-acquired wholly-owned subsidiary of Terra Nova (Bermuda) Holdings Ltd.

Fitch IBCA said, "The upgrade recognises the company's continuing underwriting excellence and improved corporate and financial standing following its acquisition by the Terra Nova Group in September 1997.

Corifrance is a Paris-based reinsurer of international risks, providing treaty and facultative reinsurance capacity to primary insurer clients and brokers worldwide.