A.M. Best Co. announced that it has assigned an issuer credit rating (ICR) of “bbb” to the Bermuda-based Catlin Group Limited, and an ICR rating of “a” to Catlin Insurance Company Limited (CICL). The outlook for both ratings is stable.
“CGL is the ultimate holding company of CICL, which has a financial strength rating of ‘A’ (Excellent),” Best explained. “It is also the ultimate holding company of Catlin Underwriting Agencies Limited, the managing agency of Lloyd’s Syndicate 2003, which has a Best’s Syndicate Rating of ‘A’ (Excellent) and an ICR of ‘a+’.
“These existing ratings remain unaffected by CGL’s results announced today for the six months ended 30 June 2004. The results fell within A.M. Best’s expectations. The impact of catastrophes in the second half of 2004 on CGL, CICL and syndicate 2003 continues to be discussed with senior management.”
Best noted that the ICRs of CICL and syndicate 2003 reflect its “opinion, expressed in the credit market scale, as to the overall ability of these entities to meet their senior obligations, which are insurance policies; hence, both ratings (financial strength and ICR) are at the same level. CGL is a non-operating holding company, and the level of its ICR illustrates the principle of standard notching from the operating company’s (CICL’s) rating.”
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