A.M. Best Co. has affirmed the "A-minus" financial strength rating of Folksamerica Reinsurance Company and upgraded its outlook to stable.
The rating action for the White Mountains Insurance Group subsidiary follows Best's review of Folksamerica Re's overall risk management. It included an evaluation of the company's Bermuda-based sidecar reinsurers, Olympus Reinsurance Company Ltd. and Helicon Reinsurance Company Ltd.
The ratings were placed under review on June 16 following White Mountains' announcement that Folksamerica Re increased its gross loss estimates for Hurricanes Katrina, Rita and Wilma by $203 million, net of reinstatement premiums.
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