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This press release is sponsored by Fifth Third Bank.
Follow this link to learnmore about Fifth Third Bank's financial services to the captive industry.
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A. M. Best Withdraws Ratings of Island Capital Ltd.
and Island Capital CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, NEW JERSEY, U.S.A., Dec. 22, 2009—A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-” of Island Capital Ltd. (Island Capital) (Bermuda) and Island Capital (Europe) Ltd. (United Kingdom) The outlook for both ratings is stable. Concurrently, A. M. Best has withdrawn the ratings and assigned a category NR-5 (Not Formally Followed) to the FSR and an “nr” to the ICR. The ratings reflect both companies’ sufficient risk-adjusted capitalization, proven performance through market cycles and an orderly transfer of both companies’ underwriting and risk management teams and business platforms to QBE Insurance Corporation (headquartered in New York, NY) during fourth quarter 2008. Since then both companies have been placed in run off and are not expected to write any new business. The ratings recognize Island Capital’s conservative approach to investment management and its strong risk management practices. Partially offsetting these positive factors are the potential exposure to significant net losses due to major company specific and global economic events, including such downturns as experienced in 2002-2001 and 2008-2009. A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world. For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive. The principal methodologies used in determining these ratings, including any additional methodologies and factors, which 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. ### |
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