VALIDUS RATING AFFIRMED BY AM BEST AFTER FLAGSTONE RE DEAL

AM Best Co has affirmed the A (excellent) financial strength rating of Validus Reinsurance and the company's "a" issuer credit rating and the bbb issuer credit rating of parent Validus Holdings in the wake of last week's announcement that Validus had agreed to acquire US-listed reinsurer Flagstone Reinsurance Holdings for $623m. AM Best has placed under review the A- (excellent) financial strength rating of Flagstone Reassurance Suisse and Flagstone Alliance Insurance and Reinsurance and the bbb- issuer credit rating of the parent holding company. Meanwhile Moody's Investors Service has affirmed Validus Re's A3 financial strength ratings, Validus Holdings' Baa2 senior debt rating, Flagstone Reassurance Suisse's A3 financial strength rating and Flagstone Reinsurance Holdings' Baa3 long-term debt rating and changed the outlook for Flagstone Re Suisse to stable from negative.