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.
Buffett’s Berkshire Cash Hits $382 Billion, Earnings Soar 
Catastrophe Bond Investors Told to Brace for Jamaica Payout 
Security First the Latest in Florida to Announce Home Insurance Rate Cut 
Don’t Look Now, But Citizens Is No Longer the Largest Property Insurer in Florida 
