A.M. Best Co. announced downgrades of two Bermuda insurers,Endurance Specialty and IPC Re, related to the companies' exposuresto Hurricane Katrina.
Best today dropped the financial strength ratings of theoperating units of Endurance Specialty to "A-minus" from "A," andyesterday pushed those of IPC Re down to "A" from "A-plus."
The Oldwick, N.J.-based rating agency downgraded Endurance'svarious debt ratings for the holding company, Endurance SpecialtyHoldings, explaining the rating action was taken because thecarrier's share of Hurricane Katrina losses was outside of A.M.Best's original expectations for a diversified multi-linereinsurance company.
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