Ratings Recap: Excess Re
A.M. Best Co. has placed the financial strength rating of 'A-' (Excellent) and issuer credit ratings of "a-" under review with negative implications for Philadelphia-based Excess Reinsurance Group. "The group is comprised of Excess Reinsurance Company (Delaware) and its wholly owned subsidiary, Guilderland Reinsurance Company (New York), both of which operate under a reinsurance pooling agreement," Best explained. "These rating actions follow the approval by Excess Re's Board of Directors of a definitive sales agreement, dated February 13, 2008." Best said the negative implications "reflect the uncertainty regarding potential integration risks of future operations. The ratings will remain under review pending the close of the transaction, which is subject to shareholder and regulatory approval."
Published on April 3, 2008
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