A.M. Best Co. has placed the financial strength rating (FSR) ofA (Excellent) and issuer credit rating (ICR) of “a” ofBermuda-based Catlin Insurance Company Limited under review withnegative implications.
|Best took the action due to its concerns relating to the levelof Catlin's consolidated catastrophe exposure and the likely futureimpact of major events on risk-adjusted capitalization.
|Concurrently, A.M. Best has placed the ICR of “bbb” of CatlinGroup Limited and the FSR of A (Excellent) and ICR of “a” of CatlinInsurance Company (UK) Ltd under review with negativeimplications.
|The Best's Syndicate Rating of A (Excellent) and ICR of “a” ofLloyd's Syndicate 2003 (United Kingdom) are at the same level asLloyd's of London and, accordingly, are unaffected by this ratingaction.
|As part of the financial strength rating evaluation process,A.M. Best intends to assess the benefit, if any, to CICL of itsproposed catastrophe swap agreement.
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