Ratings Roundup: New Castle Re, Capital Region, Legal & General

A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Bermuda-based New Castle Reinsurance Company Ltd., as well as the ICR of “bbb-” of New Castle Reinsurance Holdings Ltd. The outlook for all the ratings is stable. “The rating affirmations reflect New Castle Re’s solid risk-based capitalization, experienced management team and strong operating profits in its first two years of operation,” said Best. “New Castle Re continues to meet A.M.
Best’s stricter risk-based capital requirements for companies that are considered to be in the start-up phase.”

A.M. Best Co. has affirmed the financial strength rating (FSR) of B+ (Good) and assigned an issuer credit rating (ICR) of “bbb-” to the Cayman Islands Capital Region Insurance Company (CRIC) with a stable outlook. “Concurrently, Best withdrew the FSR and ICR and assigned a category NR-4 (Company Request) to CRIC. “These rating actions reflect CRIC management’ s decision to withdraw from A.M. Best’ s interactive rating process,” said the announcement. “The affirmation recognizes CRIC’ s good capitalization, experienced management team, strong risk management program and the support of its parent company, Capital Health System, “Best added. CRIC provides hospital professional and general liability coverage to Capital Health System, Inc., which includes coverage for employed physicians, residents and allied health providers.

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit rating (ICR) of “aa” of the UK’s Legal & General Assurance Society Limited Best also affirmed the ICR of “a+” of the non-operating holding company, Legal & General Group plc (L&G), as well as the ratings for all debt issued or guaranteed by L&G.