A.M. Best Assigns Ratings to American International Reinsurance Company, Ltd.
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20121221:nBw215807a OLDWICK, N.J.--(Business Wire)-- A.M. Best Co. has assigned a financial strength rating of A (Excellent) and issuer credit rating of "a" to American International Reinsurance Company, Ltd. (AIRCO) (Bermuda). The assigned outlook for all ratings is stable. AIRCO is an indirect subsidiary of American International Group, Inc. [NYSE: AIG]. The ratings reflect AIRCO`s supportive level of risk-adjusted capitalization, the historical profitability of the business it will continue to assume from its affiliates within AIG and its role as the primary Bermuda presence of AIG. Offsetting factors to the rating include AIRCO`s historically limited direct business profile and past variability in loss reserves for certain assumed business. The outlook is based on the expectation of continued favorable operating results that will enhance AIRCO`s risk-adjusted capital position. A.M. Best does not anticipate upward movement in the ratings in the near term. Factors that may drive downward movement in the ratings or outlook include deterioration in risk-adjusted capitalization below the level required to support the ratings; underwriting or operating performance that is not in line with A.M. Best's expectations; recognition of adverse development of loss reserves in excess of the deficiency assumed by A.M. Best; recognition of a failure of management to disclose information that is relevant to the rating process; withdrawal of lines of credit available to AIG or Chartis, Inc.; or deterioration in the financial condition of AIG, whether driven by insurance or noninsurance operations. The methodology used in determining these ratings is Best`s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best`s rating process and contains the different rating criteria employed in the rating process. Other methodologies used include "Catastrophe Analysis in A.M. Best Ratings"; "Understanding Universal BCAR for A.M. Best`s Capital Adequacy Ratio for Insurers"; "Rating Members of Insurance Groups"; and "Risk Management and the Rating Process for Insurance Companies." Best`s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world`s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS RESERVED. A.M. Best Company, Inc. Jennifer Marshall, 908-439-2200, ext. 5327 Managing Senior Financial Analyst email@example.com or Andrew F. Colannino, 908-439-2200, ext. 5706 Vice President firstname.lastname@example.org or Rachelle Morrow, 908-439-2200, ext. 5378 Senior Manager, Public Relations email@example.com or Jim Peavy, 908-439-2200, ext. 5644 Assistant Vice President, Public Relations firstname.lastname@example.org Copyright Business Wire 2012
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