Bermuda-based reinsurer Overseas Partners Limited (OPL) has received confirmation that its rate of A, or excellent, remains unchanged.

The rating - which applies to parent company OPL, as well as its subsidiaries, OP Cat and Overseas Partners US Reinsurance Company - comes from AM Best, a company established in 1899, and which is said to be one of the world's oldest and most authoritive insurance rating companies.

OPL already had an A rating, but last week's announcement confirms that the reinsurer will not be downgraded.

The company did see its rating downgraded last year from A (superior) to A (excellent), after losing its highly profitable United Parcel Service account.

AM Best in reiterating the A rating praised OPL for its strong management team and improved operating fundamentals after what was said to be an extensive review of operations last year.

The ratings agency said of OPL: "To underpin its revised operating strategy, the group has significantly expanded its infrastructure, recruiting experienced reinsurance professionals with specialised skill sets.

"In addition, the group has also improved its risk management practices by limiting potential losses emanating from a significant event to less than ten percent of its capital, as demonstrated with its recent net losses arising from the World Trade Center attacks which remained well within these parameters.

"While these losses have had a significant impact on near-term earnings, it is expected that OPL will benefit from anticipated market firming."

OPL's chief operating officer Mary Hennessy said of the rating: "We are gratified that our efforts to reposition and restructure the group have been recognized by AM Best.

"We have in place a multi-talented, skilled team of underwriters, actuaries and administrators whose expertise will assist us to maximise our potential to move forward during the hardening insurance market and provide well thought out and creative solutions to our clients needs."