Bermuda-based Catlin Group Limited said today it was surprised by A.M. Best Company's decision to place the financial strength ratings of “A,” along with the issuer credit ratings of Catlin Insurance Company Limited and other Catlin Group companies under review with negative implications.
Best in its announcement attributed the review of the international specialty property-casualty insurer and reinsurer to concerns relating to Catlin's consolidated catastrophe exposure and the likely future impact of major events on risk-adjusted capitalization.
The insurer said it believes that such concerns are unwarranted. During the past year, Catlin said it has strengthened its financial security and made the Group more resilient in the event of a major catastrophe.
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