Western General in Runoff;Best Downgrades Ratings
A.M. Best Co. announced that it has downgraded the financial strength rating to “B++” (Very Good) from of “A” (Excellent) and issuer credit rating to “bbb” from “a” on Bermuda’s Western General Insurance Ltd. Both ratings remain under review with negative implications.
“The rating actions follow Western General’s announcement that the company has been placed into run-off,” said Best.
“The ratings will remain under review with negative implications pending A.M. Best’s assessment of Western General’s run-off strategy and completion of its due diligence process. The company was originally placed under review with negative implications on September 30, 2005, following the assessment of Hurricane Katrina losses on Western General’s risk-based capital position.”
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- California Sees Two More Property Insurers Withdraw From Market
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape