NU Online News Service, Oct. 6, 3:55 p.m.EDT

A.M. Best Co. has withdrawn its "A-minus" financial strengthrating (FSR) and "a-minus" issuer credit rating (ICR) for WhiteMountains Re Bermuda Ltd. (WMRe Bermuda) since the company istransferring its in-force business and infrastructure to anaffiliate.

Oldwick, N.J.-based A.M. Best said WMRe Bermuda--a subsidiary ofWhite Mountains Re, which is a subsidiary of Hamilton,Bermuda-based White Mountains Insurance Group, Ltd.--will now havean FSR of "NR-5" (not formally followed) and ICR of "nr".

A.M. Best said, "In July 2009, White Mountains Re announced thatit would reorganize its reinsurance operations whereby the in-forcebusiness and infrastructure of WMRe Bermuda would be transferred toits affiliate, Sirius International Insurance Corporation [based inStockholm, Sweden], which established a branch office in Bermuda tomaintain the group's presence in the Bermuda marketplace. WMReBermuda's loss exposures have been retroceded to WMRe Sirius andupon regulatory approval, WMRe Bermuda will be contributed to WMReSirius and in run off."

At this time, A.M. Best said, "the remaining liabilities withinWMRe Bermuda are not material to the overall organization, andconsequently the ratings have been withdrawn."