A.M Best Co. withdrew the financial strength rating “B-” (Fair) of Gerling Global Reinsurance Corporation (GGRCA) and its subsidiary, Constitution Insurance Company (CIC), and assigned an NR-3 rating (Rating Procedure Inapplicable) for both companies in New York. GGRCA’s parent company, Gerling Konzern Globale Ruckversicherung, requested to withdraw its U.S. subsidiaries from the interactive rating process. The financial strength ratings of the U.S. subsidiaries, which are in runoff, were downgraded to “B-” (Fair) from “B+” (Very Good) in Dec. 2002.
The rating actions follow the announcement of the prospective sale of Gerling Global Re’s (Germany) non-life activities, of which both GGRCA and the CIC are part, to Lago Achte GmbH.
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