Best’s News & Research Service - July 01, 2016 03:11 PM (EDT)
A.M. Best Withdraws Ratings of ACP Re Ltd. and Its Subsidiaries
- July 01, 2016 03:11 PM (EDT)
Oldwick //BestWire// - A.M. Best has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and the issuer credit ratings (ICR) to “bbb” from “a-” for ACP Re Ltd. (Hamilton, Bermuda) and its reinsured subsidiaries. The ratings remain under review with negative implications. Subsequently, A.M. Best has withdrawn the ratings at the request of the company to no longer participate in the interactive rating process. See below for a detailed listing of companies to which these rating actions apply.
The rating downgrades reflect the failure of each of the companies to submit financial statements for year-end 2015 and, for the U.S.-domiciled companies, for the first quarter of 2016. The under review status reflects continuing uncertainty regarding the current and future financial status of the companies, due to the lack of information that would enable A.M. Best to complete monitoring and surveillance activities.
The FSR has been downgraded to B++ (Good) from A- (Excellent), the ICRs have been downgraded to “bbb” from “a-”, and the under review with negative implications status has been maintained for ACP Re Ltd. and its following reinsured subsidiaries. Subsequently, the ratings have been withdrawn.
- CastlePoint Florida Insurance Company
- CastlePoint Insurance Company
- CastlePoint National Insurance Company
- Hermitage Insurance Company
- Massachusetts Homeland Insurance Company
- North East Insurance Company
- Preserver Insurance Company
- Tower Insurance Company of New York
- Tower National Insurance Company
- York Insurance Company of Maine
This press release relates to rating(s) 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.
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