A.M. Best affirmed the "A-minus" financial strength ratings of Bermuda-based Quanta Reinsurance Ltd. and its subsidiaries, removing the ratings from review and assigning a negative outlook.
Best last week cited the completion of Quanta common stock and preferred share offerings to support the ratings actions. The Oldwick, N.J.-based rating firm said the company's capital raising effort now supports the group's current ratings.
Best said the ratings, in addition to considering the capital raising efforts, also considered recent senior management changes and the strategic initiatives being implemented to allocate capital to business lines supported by specialized underwriting expertise.
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