A.M. Best Co. announced that it has downgraded the financial strength rating to “B++” (Very Good) from of “A” (Excellent) and issuer credit rating to “bbb” from “a” on Bermuda’s Western General Insurance Ltd. Both ratings remain under review with negative implications.
“The rating actions follow Western General’s announcement that the company has been placed into run-off,” said Best.
“The ratings will remain under review with negative implications pending A.M. Best’s assessment of Western General’s run-off strategy and completion of its due diligence process. The company was originally placed under review with negative implications on September 30, 2005, following the assessment of Hurricane Katrina losses on Western General’s risk-based capital position.”
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