NU Online News Service, April 10, 3:09 p.m. EDT
A.M. Best Co. said it has removed the "under-review" status from the "A-minus" financial strength ratings of the operating subsidiaries of Ironshore after assessing management's execution of a new business plan.
On Feb. 3, 2009, the Oldwick, N.J.-based rating agency put the ratings under review with negative implications because analysts felt there had been a "material deviation" in the original business plan of the Bermuda-based company and there were execution risks involved with operating under a new business model.
The operating subsidiaries include Ironshore Insurance Ltd. and Ironshore Reinsurance Ltd (both of Bermuda), Ironshore Indemnity Inc. (Minneapolis), and Ironshore Specialty Insurance Company (Phoenix). The outlook assigned to all ratings is stable.
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