A.M. Best Co. announced that it has withdrawn the financial strength rating of B- (Fair) and assigned an NR-3 rating (Rating Procedure Inapplicable) to Gerling Global Reinsurance Corporation of America (GGRCA) and its subsidiary, Constitution Insurance Company (CIC). Both companies are located in New York.
“This rating action is in response to the request from GGRCA’s parent, Gerling Konzern Globale Ruckversicherung, to withdraw its U.S. subsidiaries from the interactive rating process. The financial strength ratings of the U.S. subsidiaries, which are in runoff, had been downgraded to B- (Fair) from B+ (Very Good) on December 20, 2002,” said Best.
“These 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 the Lago Achte GmbH. The Lago Achte GmbH will run off the non-life segment of Gerling Global Re,” the announcement concluded.
Topics AM Best Reinsurance
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