A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating of “a” of Italy’s Societa Cattolica di Assicurazione – Societa CooperativaBest also removed the ratings from under review and assigned a negative outlook. The ratings affirmation reflects Best’s “expectation that Cattolica’s consolidated risk-adjusted capitalization is likely to improve as a result of the anticipated motor joint venture with Mapfre S.A. and an improving underwriting performance.”
Standard & Poor’s Ratings Services said that its ratings on Endurance Specialty Holdings Ltd. and related entities “are not affected by the company’s announcement that it will acquire ARMtech Insurance Services Inc. and its affiliates for about $120 million” (See IJ web site Sept. 7).
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