NU Online News Service, Oct. 6, 3:55 p.m. EDT
A.M. Best Co. has withdrawn its "A-minus" financial strength rating (FSR) and "a-minus" issuer credit rating (ICR) for White Mountains Re Bermuda Ltd. (WMRe Bermuda) since the company is transferring its in-force business and infrastructure to an affiliate.
Oldwick, N.J.-based A.M. Best said WMRe Bermuda--a subsidiary of White Mountains Re, which is a subsidiary of Hamilton, Bermuda-based White Mountains Insurance Group, Ltd.--will now have an FSR of "NR-5" (not formally followed) and ICR of "nr".
A.M. Best said, "In July 2009, White Mountains Re announced that it would reorganize its reinsurance operations whereby the in-force business and infrastructure of WMRe Bermuda would be transferred to its affiliate, Sirius International Insurance Corporation [based in Stockholm, Sweden], which established a branch office in Bermuda to maintain the group's presence in the Bermuda marketplace. WMRe Bermuda's loss exposures have been retroceded to WMRe Sirius and upon regulatory approval, WMRe Bermuda will be contributed to WMRe Sirius and in run off."
At this time, A.M. Best said, "the remaining liabilities within WMRe Bermuda are not material to the overall organization, and consequently the ratings have been withdrawn."
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