A.M. Best Co. said yesterday it is not giving up its negative views of the United States and Bermuda reinsurance markets, adding that upgrades and positive outlooks will be few and far between this year.
The Oldwick, N.J.-based firm said in a statement that it has completed its assessment of the U.S. and Bermuda reinsurance markets and is extending its negative outlook for 2006.
A.M. Best said that although there were a number of rating downgrades in 2005 and that currently, only a few reinsurers in these sectors hold ratings with negative outlooks, "the underlying stability of these markets remains tenuous."
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