As anticipated, A.M. Best Co. has issued a statement concerning its ratings on Bermuda-based Quanta Capital Holdings Ltd. and its subsidiaries, following the Company’s announcement that the major portion of its business would go into run-off (See IJ Website May 26).
Best said its financial strength ratings (FSR) of “B++” (Very Good), issuer credit ratings (ICR) of “bbb” for Quanta’s insurance/reinsurance subsidiaries and the debt rating of “b+” on Quanta’s $75 million 10.25 percent Series A non-cumulative perpetual preferred shares remain under review with negative implications.
Best noted: “The ratings were placed under review on March 2, 2006 following the reporting of the company’s year-end 2005 financial results, which were lower than expected. Following the rating action on March 2, 2006, A.M. Best left the ratings under review until a revised business plan could be reviewed. A.M. Best will now need to review the ratings based on the planned run off. A.M. Best expects to complete this review process soon.”
Topics AM Best
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