A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit rating (ICR) to “a” from “a-” of CRC (Bermuda) Reinsurance Limited (CRC), a direct wholly-owned subsidiary of Canada’s Fairfax Financial Holdings Limited. The outlook for both ratings is stable. “The ratings and outlook reflect CRC’s adequate capitalization, favorable operating and underwriting performance and relatively modest risk profile,” said Best. The majority of premiums written by CRC are ceded from the subsidiaries of Canada’s Northbridge Financial Corporation, a majority owned subsidiary of Fairfax.
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