A.M. Best Co. has placed the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of “a” of Bermuda-based Catlin Insurance Company Limited under review with negative implications.
Best took the action due to its concerns relating to the level of Catlin's consolidated catastrophe exposure and the likely future impact of major events on risk-adjusted capitalization.
Concurrently, A.M. Best has placed the ICR of “bbb” of Catlin Group Limited and the FSR of A (Excellent) and ICR of “a” of Catlin Insurance Company (UK) Ltd under review with negative implications.
The Best's Syndicate Rating of A (Excellent) and ICR of “a” of Lloyd's Syndicate 2003 (United Kingdom) are at the same level as Lloyd's of London and, accordingly, are unaffected by this rating action.
As part of the financial strength rating evaluation process, A.M. Best intends to assess the benefit, if any, to CICL of its proposed catastrophe swap agreement.
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