A.M. Best Co. has placed the financial strength rating of A+ (Superior) of Allied World Assurance Company Ltd. (AWAC) (Hamilton, Bermuda) and its reinsured operating subsidiaries under review with negative implications.
The rating action follows A.M. Best’s assessment of Hurricane Katrina losses on the company’s risk-based capital position and the potential shortfall relative to its rating level. A.M. Best is currently in discussions with AWAC’s management concerning capitalization plans and expects to conclude its analysis in the short term.
A.M. Best previously announced the possibility of additional rating actions in the Sept. 15, 2005 release regarding rating actions from the impact of Hurricane Katrina.
The financial strength rating of A+ (Superior) has been placed under review with negative implications for Allied World Assurance Company Ltd. and its following reinsured operating subsidiaries:
* Allied World Assurance (U.S.) Inc.
* Newmarket Underwriters Insurance Company
* Allied World Assurance Company (Europe) Ltd.
The financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” have been placed under review with negative implications for Allied World Assurance Company (Reinsurance) Ltd.
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