A.M. Best Co. downgraded the financial strength rating of CNA Reinsurance Co. Ltd., London, to “B+ ” (Very Good) from “A-” (Excellent). The company remains under review with developing implications.
According to A.M. Best, the action follows uncertainty surrounding the future ownership and operating status of CNA Re’s London operation. This has occurred as a consequence of the announcement made by the parent company of the planned disposal of the operation. A.M. Best has concluded that there is a significant likelihood that the company could be placed into run-off. Recent discussions with senior management of CNA Re have detailed the current low levels of renewal business in London and thus emphasize this.
A.M. Best further stated that the rating will remain under review pending further discussions with management regarding developments with the disposal.
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