A.M. Best Affirms Financial Strength Rating of Converium AG; Upgrades Issuer Credit Rating.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of B++ (Very Good) and upgraded the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) to "bbb+" from "bbb" of Converium AG (Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. ) and certain rated subsidiaries. (See list of ratings affected below.) The under review status has been removed, and the outlook is stable for all ratings affected. This rating action follows shareholders' approval of Converium's fully underwritten CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 533 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 420 million) rights issue and reflects A.M. Best's evaluation of the company's latest business plan, which incorporates an estimated reduction in net premium written of over 50% in 2005. An offsetting factor in the rating is continuing risk from the company's reserves. The financial strength rating of B++ (Very Good) has been affirmed and the ICR upgraded to "bbb+" from "bbb" for the following companies: --Converium AG --Converium Rueckversicherung (Deutschland) AG --Converium Insurance (UK) Ltd The ICR of "bb+" of Converium Finance S.A. has been affirmed. The following debt rating has been upgraded to "bbb-" from "bb+" Converium Finance S.A. --USD 200 million 8.25% guaranteed subordinated notes, due December December: see month. 2032 (guaranteed by Converium Holding AG and Converium AG) For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debt. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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