A.M. Best Affirms Rating of Connaught Insurance Company Ltd.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) of Connaught Insurance Company Ltd. (Guernsey). The outlook remains stable. Connaught is a single parent captive. The three main areas of activity of its parent, Thomas Greg & Son (TGS TGS Tokyo Game Show TGS Ticket-Granting Service TGS Ticket-granting Server TGS The Good Shepherd TGS Teen Girl Squad TGS The Gargoyles Saga TGS Texas Gourd Society TGS Tomato Growers Supply TGS Trinity Grammar School TGS Tomographic Gamma Scanner ), are security printing, logistical lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation services and cash-handling and other security services Security services are state institutions for the provision of intelligence, primarily of a strategic nature, but also including protective security intelligence. Examples include the Security Service (MI5) and the Secret Intelligence Service (MI6) in the United Kingdom, and the . Connaught writes policies that cover money, valuables and documents--both in transit and in TGS's vaults--and printer's liability. A.M. Best believes Connaught has an integral role in facilitating the trading operations of TGS. The captive is likely to build on its good risk-adjusted capitalisation at year-end 2004 (subject to normal loss experience) as anticipated profits of approximately 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. 1 million are likely to be retained whilst at the same time, premium, investment and reserve risks remain stable. The rating also factors strong anticipated operating performance, high levels of liquidity as investments are maintained entirely in cash and short term deposits and the company's sound risk management practices. A.M. Best believes Connaught is able to employ its own independent judgment to price risks without influence from its parent. Offsetting these factors is the company's status as a single parent captive, which limits its diversification by source of business, class of business and territory. A.M. Best believes this weakens the company's business profile. The company writes significant gross lines, which leads to a high level of reliance upon 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. given the relatively small size of its balance sheet (shareholders equity USD 6.6 million at year-end 2003). However, in A.M. Best's opinion, Connaught's reinsurance programme affords the company significant protection from large single losses and from an aggregation of net losses. For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. and independent data on the captive and alternative insurance market, please visit http://www.ambest.com/captive/. 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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