Recent Ratings Recaps: ACE (Aus. & NZ); CCR; Omega; Kiln
A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a+” of ACE Insurance Limited (Australia) and ACE Insurance Limited (New Zealand) with a stable outlook. Concurrently Best announced that it has withdrawn the ratings and assigned a category “NR-4” (Company Request) in response to management’s request that the two ACE subsidiaries “be removed from A.M. Best’s interactive rating process.”
Standard & Poor’s Ratings Services has affirmed its “AAA” long-term counterparty credit and insurer financial strength ratings on French reinsurer Caisse Centrale de Réassurance (CCR) with a stable outlook. CCR is a “public-policy” based entity, wholly owned by the French Government; therefore S&P accorded it the same rating. CCR backs private industry coverage of “unreinsurable risks,” noted S&P credit analyst Virginie Crepy.
A.M. Best Co. has affirmed the Best’s Syndicate Rating of “A” (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 958, managed by Omega Underwriting Agents Limited. The outlook for both ratings remains positive, which, Best said, reflects “the positive outlook on the ICR of Lloyd’s of London.” Best has also assigned an ICR of “bbb” to Omega Insurance Holdings Limited (Bermuda), the new ultimate holding company of the Omega group, also with a positive outlook, and withdrew the ICR of “bbb” of Omega Underwriting Holdings Ltd. following the re-domicile of the group from London to Bermuda.
A.M. Best Co. has affirmed the financial strength rating of “A-” (Excellent) and issuer credit rating (ICR) of “a-” of Bermuda-based Omega Specialty Insurance Company Limited with a stable outlook.
A.M. Best Co. has affirmed the Best’s Syndicate Rating of “A” (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 510, managed by R.J. Kiln & Co Ltd. Best also affirmed the ICR of “bbb+” of UK-based Kiln Plc, the non-operating holding company, and affirmed the debt rating of “bbb” on the $30 million and $35 million floating rate subordinated bonds issued by Kiln Plc. In addition Best assigned an ICR of “bbb+” to Bermuda-based Kiln Ltd., the newly established ultimate holding company of the Kiln group of companies. The positive outlook for the syndicate ratings remains unchanged, and the outlook on the remaining ICR and debt ratings has been revised to positive from stable, in line with the outlook on Lloyd’s Syndicate 510. The outlook for Kiln Ltd. is also positive.