Best Lowers Rating Of Top Layer Re
NU Online News Service, March 4, 11:40 a.m. EST?Insurance rating company A.M. Best Co. said it has lowered the financial strength rating of Bermuda-based Top Layer Reinsurance Ltd. to "A-plus" (Superior) from "A-double-plus" (Superior), but maintained a stable outlook on the company.
Oldwick, N.J.-based Best said the lowering of the rating was a result of the rating action recently taken by it on State Farm Mutual Automobile Insurance Co., based in Bloomington, Ill., rated "A-double-plus" [Superior], a 50 percent joint owner of the company, along with Renaissance Reinsurance Ltd., rated "A-plus" [Superior], of Bermuda.
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