A.M. Best Co. has placed the financial strength rating of “B++” (Very Good) and issuer credit rating of “bbb” (ICR) for Ireland’s Primary Insurance Company Limited (PICL) under review with negative implications.
“These rating actions follow worse than anticipated financial performance in the last quarter of 2005, driven mainly by reserve strengthening in PICL’s commercial small to medium sized enterprise (SME) account,” said Best.
“PICL’s ratings will remain under review while A.M. Best assesses the impact of this reserve strengthening on the company’s risk adjusted capitalization.”
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
Helicopter Crash in Georgia Kills Groom, Pilot, Hours After Huge Wedding Celebration 
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
JPMorgan Banker Sues Ex-Colleague Over ‘Fabricated’ Sex Claims 
