International ratings agency Standard & Poor’s announced that it has lowered its counterparty credit and financial strength ratings on “the core and strategically important operating companies of Trenwick Group Ltd. to single-‘A’-minus from single-‘A’-plus.”
The ratings change affects Trenwick America Reinsurance Corp., Trenwick International Ltd., Chartwell Insurance Co. (Lloyd’s), Insurance Corp. of NY, Dakota Specialty Insurance Co., and La Salle Re Ltd. S&P has removed them from CreditWatch, where they were placed last July 26.
S&P also lowered the counterparty credit rating of Trenwick Group Ltd. to triple-‘B’-minus from triple-‘B’-plus.”The ratings reflect weak operating performances at the core operating companies over the last few quarters, coupled with significant declines in capital adequacy following the second-quarter 2001 reserve strengthening and pro forma Sept. 11 losses,” said S&P. On October 4 Trenwick increased its overall net loss estimates from the attacks from $50-$75 million to $100 million.
Trenwick’s current outlook, according to S&P is stable. It observes that Group is well managed, and should be in a position to profit from hardening market conditions.
Was this article valuable?
Here are more articles you may enjoy.
Dubai Flights Disrupted After Drones Injure Four Near Main Airport 
Georgia Appeals Court Reverses $345M Judgment Against Insurers in School Sex Abuse 
Florida House Gives Final Approval to Much-Debated Citizens Clearinghouse Bill 
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
