Quanta Capital Holdings Ltd. has entered into a new joint venture with a Lloyd's specialty insurer following the downgrade and ratings withdrawal of its insurance subsidiaries by A.M. Best.
Best downgraded the troubled Bermuda carrier's financial strength ratings to B from B plus plus on Wednesday and then withdrew the ratings at the company's request to be unrated.
The rating action followed another downgrade in early March after the carrier announced a significant fourth-quarter net loss. Most of Quanta's insurance and reinsurance operations have been placed in run-off. The company is continuing operations of its Lloyd's Syndicate 4000 and ESC environmental consulting business.
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