A.M. Best Affirms Rating of Heddington Insurance -UK- 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 A (Excellent) of Heddington Insurance (UK) Ltd. (HUK) (United Kingdom), a captive company of ChevronTexaco Corporation. The outlook remains stable. A.M. Best deems HUK to be a core subsidiary of its immediate parent, Heddington Insurance Limited (HIL). HUK benefits from substantial 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. support from its parent in the form of an 80% quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). of business written. A.M. Best believes that the company's prospective capitalisation is likely to remain excellent based on its low level of exposure net of reinsurance ceded despite an increase in its expected maximum loss and anticipated deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in earnings in 2004. A net loss for the full year 2004 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. 3 million is anticipated due to poor loss experience for the year (anticipated loss ratio of approximately 170%). In 2005, A.M. Best forecasts lower claims activity (anticipated loss ratio of approximately 50%) and a return to positive results after net investment income. 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/. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://www.ambest.com/pc. 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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