Danish Re Bermuda Ltd. has lost it's A- (Excellent) indicative financial strength rating after it failed to secure a $200 million private equity placement.

Rating agency AM Best withdrew the rating, which was subject to the equity placement, on Friday.

The capital injection was intended to increase the company's underwriting capacity.

The private equity placement offer was from Trident II LP, a $1.4 billion private equity fund managed by Marsh subsidiary MMC Capital.

AM Best acted on the company's rating after the equity placement did not materialise by the end of January.

Danish Re Bermuda is a risk carrier that underwrites global reinsurance including Lloyd's.

A.M. Best Co., established in 1899, is a rating agency that reports on insurance company's financial positions.