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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 10, 2024 03:22 PM (EDT)
AM Best has withdrawn the Financial Strength Rating of C- (Weak) and the Long-Term Issuer Credit Rating of “ccc-” (Weak) of 777 Re. Ltd. (Hamilton, Bermuda). At the time of the withdrawal, these Credit Ratings (ratings) were under review with negative implications.
AM Best’s policy is for a final rating opinion to be completed in conjunction with a rating withdrawal. However, due to the absence of any insurance liabilities by the Bermuda reinsurer and the company’s forthcoming plans to cease insurance activity, a final rating update was not able to be completed.
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.