Reacting to RenaissanceRe's revelation that the U.S. Securities and Exchange Commission is considering civil action against the reinsurer for security law violations, A.M. Best Co. said it had put the firm's ratings under review with negative implications.
Best acted after the company said yesterday it had received a Wells Notice from the SEC.
The Oldwick, N.J.-based rating firm said its action concerned the financial strength and debt ratings of the operating subsidiaries of RenaissanceRe Holdings Ltd., Bermuda==which include Renaissance Reinsurance Ltd., Glencoe Insurance Ltd., Lantana Insurance Ltd., Stonington Insurance Company and Stonington Lloyds.
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