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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 01, 2018 03:04 PM (EDT)
A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to C&F Cayman SPC (Cayman Islands). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect C&F Cayman SPC’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating actions follow the execution of a reinsurance quota share agreement with United States Fire Insurance Company (USFIC) under which it will assume 100% of the business written by C&F Cayman SPC. C&F Cayman SPC is a wholly owned subsidiary of USFIC and operates as a segregated portfolio company consisting of a core entity and segregated portfolios.
USFIC is the lead company of the Crum & Forster Insurance Group, which provides a range of commercial coverages throughout the United States. C&F Cayman SPC has been added as a member of that group, based on the explicit financial support of USFIC through the reinsurance agreement and other implicit support.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.