S&P lifts Max outlook to positive

Standard & Poor's said it revised its outlook on Max USA Holdings Ltd. and Max Capital Group Ltd. to positive from stable.

At the same time, S&P said it affirmed its BBB- counterparty credit ratings on both companies.

The agency said that Max USA Holdings is a wholly owned subsidiary of Max Capital, adding that Max Capital enjoys good competitive position as a diversified insurance and reinsurance company, adequate enterprise risk management, strong operating performance and strong capitalization.

In contrast, negative factors to the rating are Max Capital's limited-scale, somewhat high risk profile of underwriting difficult classes of casualty exposures, concentration within Fortune 1,000 accounts that will diminish in the future with the expansion of the U.S. excess and surplus lines business and two restatements in 2006, the agency added.

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