A.M. Best Co. announced that it “has affirmed the financial strength rating of A- (Excellent) of Tryg-Baltica Insurance, International Insurance Company A/S (TBI), Denmark. At the same time, the rating has been removed from under review, and a negative outlook has been assigned.”
The bulletin noted that the “rating was placed under review following the decision by its ultimate parent, Tryg Vesta Group A/S, to discontinue the business in TBI’s U.K.-based subsidiary, Chevanstell Ltd. (NR-3 (Rating Procedure Inapplicable)) in the United Kingdom.
“Following assessment of prospective proforma figures, A.M. Best expects marked improvement in the underwriting performance of TBI from 2003, but a certain degree of reserve uncertainty remains a concern.”
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