The “A-” FSR of Legion Insurance Group, comprised of Legion Insurance Co., Legion Indemnity Co. and Villanova Insurance Co., was affirmed and removed from under review by A.M. Best. The rating action came subsequent to an announcement by Mutual Risk Management Ltd. (MRM), the group’s parent, that it had entered into an agreement with XL Capital Ltd. Under the agreement, XL Capital will provide financial support to MRM. A.M. Best indicated that it views the transaction favorably. Partially offsetting these strengths is the high level of both MRM’s financial leverage and Legion’s reinsurance recoverables. The rating action is also applicable to the five members of the I.P.C. Group, which, with Legion Insurance Group, is a core subsidiary of MRM.
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