Ratings agency A.M. Best yesterday took Olympus Re?s rating off review and affirmed its A- (excellent) financial strength rating after the company revised its premium management plan.

Best putOlympus? rating under review ?with negative implications following deterioration in the company?s risk-adjusted capital position due to estimated losses incurred from hurricanes Charley, Frances and Ivan.

The company removed the review after examining the Bermuda-based reinsurer?s results through September 30, looking at the impact of Hurricane Jeanne and seeing a revised and implemented plan by Olympus to maintain a stable premium volume throughout the remainder of 2004. ?For 2005, Olympus? premium plan is expected to remain on par with 2004 and will be managed by Olympus through its ability to adjust property business assumptions from Folksamerica Reinsurance Company,? Best said.

?The revised premium plan meets A.M. Best?s expectations for supporting the company?s current financial strength rating. Once fully implemented, Olympus? plan to maintain premium writings at the present level is expected to produce a capital base able to withstand multiple property catastrophe loss scenarios and remain well within the ?Excellent? range.?