A.M. Best ratings News

AXIS Capital to Acquire Lloyd’s Specialty Re/Insurer Novae for $604 Million

AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international specialty insurance business of AXIS, creating a $2 billion …

A.M. Best Affirms Ratings of PartnerRe & Subsidiaries

A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Bermuda-based Partner Reinsurance Co. Ltd. and its affiliates (collectively referred to as PartnerRe). A.M. Best has also affirmed the …

A.M. Best Places Ratings of Sompo Japan Canopius Re Under Review

A.M. Best has placed under review with developing implications the financial strength rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Zurich-based Sompo Japan Canopius Reinsurance AG. The credit rating action follows the successful completion the …

A.M. Best Places Credit Ratings of Hamilton Re & Subsidiaries Under Review

A.M. Best has placed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit of “a-” of Bermuda-based Hamilton Re Ltd., under review with developing implications. Also under review are Wilmington, Del.-based Hamilton Specialty Insurance Co. and Hamilton …

A.M. Best Upgrades Aviabel’s Ratings After AXIS Acquisition

A.M. Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Compagnie Belge d’Assurances Aviation S.A. (Aviabel). The …

Endurance, with SOMPO as New Owner, Gets A.M. Best Ratings Upgrade

Endurance Specialty Holdings Ltd. got a financial ratings upgrade from A.M. Best and is no longer under review, based on positives the ratings agency sees after it was acquired by Japan’s SOMPO Holdings Inc. for $6.3 billion. A.M. Best upgraded …

Greenlight Capital Re CEO Hedges to Step Down in March 2017

Greenlight Capital Re Ltd., the Cayman Islands-based specialist property and casualty reinsurance company, announced that Barton Hedges will be stepping down as chief executive officer on March 31, 2017. Hedges will also step down from the company’s board of directors. …

Greenlight Capital Re Hit With A.M. Best Ratings Downgrade

Greenlight Reinsurance Ltd. has been seeking to improve underwriting results after months of losses. But it apparently hasn’t moved fast enough for A.M. Best, which slapped it with credit ratings downgrades. A.M. Best said it downgraded the financial strength rating …

A.M. Best Downgrades Ratings of Florida-Based American Capital Assurance

A.M. Best has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-” from “a+” for American Capital Assurance Corp (ACAC) of St. Petersburg, Fla. These rating actions follow the recent transaction …

A.M. Best Withdraws Ratings of Century Casualty Company in Georgia

A.M. Best has affirmed the financial strength rating (FSR) of B (Fair) and the issuer credit rating (ICR) of “bb+” of Century Casualty Company in Alpharetta, Ga. The outlook for the FSR remains stable, while the outlook for the ICR …