OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has downgraded the financial strength rating (FSR) to C++
(Marginal) from B+ (Good) and the issuer credit rating (ICR) to "b" from "bbb-"
of Western Isles Insurance Company Limited (WIICL) (Isle of Man). The outlook
for all ratings remains negative.
Concurrently, A.M. Best has withdrawn the ratings at the company`s request and
assigned a category "NR-4" to the FSR and "nr" to the ICR.
The rating downgrade of WIICL reflects a significant change in business profile
and a considerable increase in risk-adjusted capital requirements.
WIICL originally operated as a single parent captive reinsurer, providing its
parent with access to the London reinsurance market. WIICL now writes business
which generally originates from Russia and cedes it back to either its parent or
other unrated reinsurance carriers. As a result of this, A.M. Best`s considers
that WIICL has significantly increased its credit exposure.
For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts
Timothy Prince, +(44) 20-7626-6264
timothy.prince@ambest.com
or
Mahesh Mistry, +(44) 20-7626-6264
mahesh.mistry@ambest.com
or
Public Relations
Jim Peavy,+(1) 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow,+(1) 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
Copyright Business Wire 2009
