A.M. Best Affirms Ratings of Converium Reinsurance (North America) and Converium Insurance (North America).OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of B- (Fair) and 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. ) of "bb-"of Converium 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. (North America) Inc. (CRNA CRNA Certified Registered Nurse Anesthetist. cRNA complementary RNA. CRNA abbr. ) (Stamford, CT). A.M. Best has also affirmed the FSR of B (Fair) and the ICR of "bb" of Converium Insurance (North America) Inc. (CINA CINA Children in Need of Assistance CINA Canadian Intravenous Nurses Association CINA Cancer Incidence in North America (publication) CINA Classified Information Nondisclosure Agreement ) (Fort Lee, NJ). Concurrently, A.M. Best has affirmed the ICR of "b-" and the debt rating of "b-" on $200 million 7.125% senior notes due 2023 for Converium Holdings (North America) Inc. (CHNA CHNA Community Health Network Area CHNA Community Health Needs Assessment CHNA Canadian Holistic Nurses Association CHNA College Hill Neighborhood Association CHNA Castleberry Hill Neighborhood Association CHNA Converium Holdings North America ) (Stamford, CT). This debt was originally issued by Zurich Reinsurance Centre Holdings Inc. The outlook for all ratings is negative. The ratings reflect the parent company, Converium AG's (Converium) (Switzerland), decision to maintain CINA's dormant operating status and continue the run-off of CRNA. Converium has indicated that CINA's operations will be dormant for the foreseeable future, with no immediate plans of business activity. The ratings also reflect Converium's intent to sell CRNA. As a result of Converium's decision to run-off CRNA's operations and leave CINA's operations dormant, CHNA is without an actively operating subsidiary to support required interest payments, as a result Converium has been providing the capital to service CHNA's debt. A.M. Best anticipates that Converium will continue to service CHNA's debt, until it concludes. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit 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 www.ambest.com. |
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