Ratings Recap: Glacier Re, AXIS

August 31, 2010

A.M. Best Co. has downgraded the financial strength rating to ‘B++’ (Good) from ‘A-‘ (Excellent) and the issuer credit rating to “bbb+” from “a-” of Swiss-based Glacier Reinsurance AG. Best has also placed both ratings under review with negative implications. These actions follow today’s announcement by Glacier Re that it “will cease underwriting new business and place its existing portfolio into a self-managed run off effective immediately,” Best explained. The rating agency added that its review would “encompass an assessment of the financial position of Glacier Re as a run-off company, its staffing and other related issues.”

Standard & Poor’s Ratings Services announced that its ratings on Bermuda-based AXIS Capital Holdings Ltd. (A-/Stable/–) and its operating subsidiaries are “not affected by the announcement of the resignation of the chief financial officer, David Greenfield, effective Nov. 30, 2010.” S&P added that he is “leaving the company on good terms to pursue other interests,” and that AXIS has initiated a search for his a successor. “We don’t believe this management change is a concern given the strong executive management team and its proven track record,” S&P concluded

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