One of Bermuda's newest reinusurers - Goshawk Re - has been an assigned an initial financial strength rating of A- (Excellent).

The rating comes from AM Best Company, which is one of the top insurance rating companies.

Goshawk Re, which was incorporated in Bermuda following the September 11 terrorist attacks, was established by Goshawk Insurance Holdings, which is listed on the London Stock Exchange and owns 100 percent of the capacity of syndicate 102 at Lloyd's.

The rating follows the full completion of a placement of shares by the group valued at ?101.3 million, or roughly $140 million.

AM Best said the rating reflects Goshawk Re's excellent capitalisation and business profile, its strong expected financial performance and experienced management team.

Offsetting factors are the strain on management associated with a newly established operation, the highly competitive environment in Bermuda and planned retention levels for most of the classes of business Goshawk Re will write.