Best’s News & Research Service - September 02, 2022 10:54 AM (EDT)
AM Best Places Credit Ratings of Wentworth Insurance Company Limited Under Review With Negative Implications
- September 02, 2022 10:54 AM (EDT)
Oldwick //BestWire// - AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Wentworth Insurance Company Limited (Wentworth) (Barbados).
These Credit Ratings (ratings) have been placed under review with negative implications due to volatility in Wentworth’s risk-adjusted capitalization position, driven mainly by investment market fluctuations. Despite the support provided by the ultimate parent, Fairfax Financial Holdings Limited , the company’s stand-alone balance sheet strength has become stressed. The company is evaluating solutions to bring the risk-adjusted capitalization back to prior levels and reduce the ongoing volatility. Wentworth’s ratings will remain under review until a concrete action plan is provided by management and AM Best evaluates its impact on the company’s current and projected risk-adjusted capitalization.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.