Reacting to the departure of a key executive at Lancashire Insurance Company, A.M. Best Co. announced yesterday that it placed the company's “A-minus” financial strength rating under review with negative implications.
Lancashire, a recent Bermuda start-up, announced two days earlier that a member of the underwriting team, J. Alex Richards, vice president and retrocession underwriter, will leave the company on April 1 by mutual consent.
Explaining the review status of the rating, Best said, “Mr. Richards' previous expertise and expected retrocessional underwriting results for Lancashire were a major component of the business plan presented to A.M. Best at the time of the initial rating and consequently were integral in the final rating decisions.”
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