A.M. Best Co. has placed the "A" financial strength ratings of the reinsurance subsidiaries of IPC Holdings under review with negative implications, following yesterday's announcement of IPC's intent to merge with Max Capital Group Ltd.
The subsidiaries impacted by the rating action are IPCRe Limited (Bermuda) and IPCRe Europe Limited (Dublin, Ireland).
The "A-minus" Best rating of Max Capital's lead operating company, Max Bermuda Ltd. (Hamilton, Bermuda), is unchanged, the Oldwick, N.J.-based rating agency said in a statement released today.
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