Subsequently, Inter-Ocean and its reinsurance subsidiaries ratings will be withdrawn and assigned a rating of NR-4 (Company Request). The latter action is in response to management's request that the operating subsidiaries be removed from A.M. Best's interactive rating process.
The rating downgrade follows Inter-Ocean's announcement that it has voluntarily entered into runoff and has ceased writing new business. As a runoff entity, Inter-Ocean's liabilities will continue to be supported by its 11 shareholders who originally sourced all of the company's business and continue to maintain a strong level of expertise in the global insurance and reinsurance market. One of these shareholders ultimately assumes all the underwriting or timing risk for each transaction undertaken by Inter-Ocean.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.
For current Best's Ratings, independent data and analysis on more than 470 reinsurance companies, please visit http://www.ambest.com/reinsurance/.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. CONTACT: A.M. Best Co. Public Relations: Jim Peavy, 908-439-2200, ext. 5644 james.peavy@ambest.com or Rachelle Striegel, 908-439-2200, ext. 5378 rachelle.striegel@ambest.com or Analysts: Robert DeRose, 908-439-2200, ext. 5453 robert.derose@ambest.com or Keith Lennox, 908-439-2200, ext. 5062 keith.lennox@ambest.com http://www.businesswire.com