The downgrades follow significant deterioration in the company's risk-adjusted capitalization as a result of the 2005 catastrophe losses. While Olympus has recently raised $156 million to continue writing business on a limited basis, management has decided to do so without a published FSR.
A.M. Best Downgrades and Withdraws Ratings of Olympus Reinsurance Company Ltd.
A.M. Best Co. has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to "bb-" from "bbb-" of Olympus Reinsurance Company Ltd. (Olympus) (Hamilton, Bermuda), and removed both ratings from under review. The ratings have been assigned a negative outlook. Subsequently, the ratings will be withdrawn and a rating of NR-4 (Company Request) will be assigned in response to management's request that Olympus be removed from A.M. Best's interactive rating process.
Published on March 24, 2006
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