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