Ratings agency Fitch said it expected to assign an insurer financial strength rating of A-minus to Danish Re, upon the successful completion of the reinsurer's capital raising exercise.
Fitch said the expected rating was based on an in-depth due diligence and depended on Danish Re raising its capital and surplus position to a minimum of $250m (£173m).
Danish Re consists of Danish Re Bermuda and Lloyd's Syndicate 1400. Its current structure allows business to be written in either the Lloyd's syndicate or the Bermuda company, as appropriate.
The business plan for the group is focused on predominantly short-tail, property catastrophe lines of business.
Danish Re was formed in early 1999 by Trident II LP and began underwriting at Lloyd's in late 1999.
Trident II LP is an investment fund managed by Marsh & McLennan Capital.
MMC Capital has experience in the successful start-up of a number of reinsurance companies over recent years.
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