Sphere Drake Insurance (Bermuda) Ltd., a subsidiary of Sphere Drake Holdings Ltd.

S&P has given the company a triple B-plus rating.

S&P also raised the existing claims-paying ability rating of subsidiary Sphere Drake Insurance plc in London to triple B-plus from triple B.

The two companies are wholly-owned insurance and reinsurance operating subsidiaries of Sphere Drake Holdings Ltd., the New York Stock Exchange-listed parent company.

"We are pleased with the new secure rating assigned to Sphere Drake Insurance (Bermuda) Ltd., which reflects the excellent results achieved in its first full year of operation in 1994, its strong capitalisation and solvency ratio,'' said Sphere Drake Holdings president and CEO Mr. Ian Dean.

"The improved rating for Sphere Drake Insurance plc in London emphasises the increased financial security of the company and our commitment to the continued enhancement of its financial standing,'' he said.

Sphere Drake underwrites specialty lines of international property and casualty insurance through its subsidiaries in Bermuda and London.

The company's business consists of a wide range of marine and aviation and non-marine insurance and reinsurance risks worldwide and alternative risk transfer (ART) business, with an emphasis on US-based risks.