CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MAY 04, 2005 12:00 AM (EDT)
A.M. Best Co. has placed the financial strength rating of A+ (Superior) and the issuer credit rating of "aa-" of Lloyd's Syndicate 1414 under review with negative implications. The syndicate is managed by Ascot Underwriting Limited (AUL).
This action reflects today's downgrade in the ratings of American Home Assurance Company, which provides syndicate 1414 with an unconditional guarantee of payment in respect of policyholder liabilities. The American Home ratings are also under review with negative implications.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.