A.M. Best Co. announced that it has downgraded the financial strength rating to “A-” (Excellent) from “A++” (Superior) and the issuer credit rating to “a-” from “aa+” of Cologne Reinsurance (Dublin) Ltd. (CRD).
Best has also placed all of the ratings under review with negative implications.
“These rating actions reflect that A.M. Best will be factoring diminished implicit parental support into the ratings following the decision of Koelnische Rueckversicherungs (Cologne Re) not to write new business in CRD,” said the bulletin. “All ratings remain under review with negative implications in order for A.M. Best to re-assess the stand-alone financial strength of CRD.”
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