A.M. Best Co. affirmed the financial strength rating “A-,”excellent, of Island Heritage Insurance Co. Ltd., based in the Cayman Islands, and removed the rating from under review. The outlook is stable.
This rating action follows Best’s review of Island Heritage’s range of probable losses emanating from Hurricane Ivan and the impact on its capital in conjunction with the presentation of a formal recapitalization plan. The plan meets Best’s capital strengthening expectations, and fully supports the current financial strength rating.
Island Heritage’s financial strength rating was placed under review in September 2004, due to the uncertainty surrounding the ultimate loss exposure from Hurricane Ivan and its impact on the capitalization of the company.
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