A.M. Best Co. has assigned a financial strength rating of "A-minus (Excellent)" and an issuer credit rating of "a-minus" to newly capitalized Bermuda insurer Hiscox Insurance Company (Bermuda) Limited.
The Oldwick, N.J.-based rating service said the ratings reflect the company's excellent initial risk-adjusted capitalization, excellent prospective underwriting results and the Hiscox group's strong business profile for the classes of business Hiscox Bermuda will write.
However, the company may face exposure to strong competition from a number of other Bermuda start-up insurers.
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