Best’s News & Research Service - January 15, 2016 08:39 AM (EST)
A.M. Best Withdraws Ratings of Hollenfels Re S.A.
London //BestWire// - A.M. Best has withdrawn the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Hollenfels Re S.A. (Hollenfels Re) (Luxembourg).
Hollenfels Re was formerly known as Builders Reinsurance S.A. and was previously a subsidiary of Hochtief AG, a large Germany-based construction company. Builders Reinsurance S.A. changed its name to Hollenfels Re and was partially sold (75%) to Ramius Enterprise Luxembourg Holdco S.a.r.l. on Dec. 22, 2015. A shareholding of 25% was retained within the Hochtief group. Hollenfels Re completed a loss portfolio transfer of all insurance liabilities prior to the sale.
This sale has resulted in A.M. Best withdrawing the ratings.
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