A M Best confirms Sphere Drake Insurance plc's rating of B++ and assigns Sphere Drake Insurance, Bermuda, an initial rating of B++.HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 26, 1995--A M Best Co. has confirmed its rating of Sphere Drake Insurance plc, London, as B++ (very good). At the same time, the agency has assigned an initial rating of B++ (very good) to Sphere Drake Insurance (Bermuda) Ltd., Hamilton. The two companies are the wholly-owned insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Sphere Drake Holdings Ltd., which is the ultimate parent company of the group, and is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange : SD). The ratings take into consideration first quarter and second quarter 1995 results, as reported by Sphere Drake Holdings Limited. They also acknowledge the group's dedication to improving long-term underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. performance, strong support from the parent company, sound capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and liquidity, and superior management. Ian H. Dean, president and chief executive officer of Sphere Drake Holdings Limited, commented: "We are pleased with the confirmation that Sphere Drake Insurance plc has maintained its B++ rating. The rating of Sphere Drake Insurance (Bermuda) Ltd. for the first time is also very satisfactory - we view it as an extremely positive step that A M Best Co. has granted the company a rating so early in its period of operation." Sphere Drake Holdings underwrites specialty lines of international property and casualty insurance and reinsurance through its operating subsidiaries in London and Bermuda. The company's business consists of a wide range of marine and aviation and non-marine insurance and reinsurance risks worldwide, and alternative risk transfer (ART) business, with an emphasis on U.S.- based clients. CONTACT: Sphere Drake Holdings Ltd. S E Magnus H Lindgren 011 44 171 702 1514 011 44 171 480 7340 |
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