| Jose Berenguer, CFA Associate Director +31 20 308 5429 jose.berenguer@ambest.com Dr. Mathilde Jakobsen Senior Director, Analytics +31 20 308 5427 mathilde.jakobsen@ambest.com | Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.com Al Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.com |
FOR IMMEDIATE RELEASE
AMSTERDAM - SEPTEMBER 15, 2023 09:46 AM (EDT)
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Stonefort Insurance S.A. (Stonefort Insurance) (Luxembourg), a subsidiary of HOCHTIEF Aktiengesellschaft (HOCHTIEF), a large Germany-based construction company, which is majority owned by ACS, Actividades de Construcción y Servicios, S.A.
These Credit Ratings (ratings) have been placed under review with negative implications following the company board’s recent decision to place Stonefort Insurance into run-off.
Stonefort Insurance’s sister company, Stonefort Reinsurance S.A., will continue to provide reinsurance support during the run-off process.
The ratings of Stonefort Insurance will remain under review until AM Best has more clarity on the company’s run-off plans.
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 specialising 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.