CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - NOVEMBER 04, 2011 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit rating of "a" of Alterra Reinsurance Europe plc (Alterra Re Europe) (Ireland), as the company has been merged out of existence.
Previously, Alterra Capital Holdings Limited (Alterra) [NASDAQ: ALTE] announced that Alterra Re Europe had been merged into Alterra Europe plc (Ireland). Going forward Alterra Europe plc will underwrite both insurance and reinsurance business on a single platform, which will allow for greater operational efficiency, among other favorable attributes. Alterra and its other operating subsidiaries' ratings are unaffected by this merger.
The principal methodology used in determining these ratings is Best's Credit Rating Methodology - Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.