A.M. Best Affirms Ratings of Hiscox Insurance Company (Bermuda) Limited and Hiscox Insurance Company (Guernsey) Limited.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 (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 A- (Excellent) and 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 "a-" of Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda). At the same time, A.M. Best has affirmed the FSR of A- (Excellent) and the ICR of "a-" of Hiscox Insurance Company (Guernsey) Limited, which is substantially reinsured by Hiscox Bermuda. The outlook for all ratings remains stable. A.M. Best believes that Hiscox Bermuda is likely to maintain strong risk-adjusted capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper . In 2007, risk adjusted capitalisation is likely to be affected by substantially higher premium volumes than anticipated in Hiscox Bermuda's original business plan. However, in A.M. Best's opinion, increases in total capitalisation during the period through the retention of earnings will be sufficient to offset the increase in premium risk. Hiscox Bermuda is expected to produce excellent returns for 2007 and 2008 in line with its original business plan. 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. results will continue to be supported by the company's portfolio of internal Hiscox group 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. of accounts with a proven track record of profitability. A.M. Best believes the company benefits from the Hiscox group's strong business profile. Hiscox Bermuda underwrites a portfolio of catastrophe reinsurance and internal group reinsurance ceded from Hiscox Insurance Company Limited, Hiscox Insurance Company (Guernsey) Limited and Hiscox Dedicated Corporate Member Limited (a capital provider to Lloyd's Syndicate 33, which is managed by Hiscox Syndicates Ltd). For 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. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion