As anticipated, A.M. Best Co. has issued a statement concerning its ratings on Bermuda-based Quanta Capital Holdings Ltd. and its subsidiaries, following the Company’s announcement that the major portion of its business would go into run-off (See IJ Website May 26).
Best said its financial strength ratings (FSR) of “B++” (Very Good), issuer credit ratings (ICR) of “bbb” for Quanta’s insurance/reinsurance subsidiaries and the debt rating of “b+” on Quanta’s $75 million 10.25 percent Series A non-cumulative perpetual preferred shares remain under review with negative implications.
Best noted: “The ratings were placed under review on March 2, 2006 following the reporting of the company’s year-end 2005 financial results, which were lower than expected. Following the rating action on March 2, 2006, A.M. Best left the ratings under review until a revised business plan could be reviewed. A.M. Best will now need to review the ratings based on the planned run off. A.M. Best expects to complete this review process soon.”
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