A.M. Best Affirms Ratings of IPCRe and Its Subsidiaries.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 A (Excellent) and the issuer credit ratings (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" for the 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. subsidiaries of IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request. Holdings Ltd. (IPCRe) (Bermuda) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IPCR IPCR International Peace and Conflict Resolution IPCR Inverse Polymerase Chain Reaction IPCR Intellectual Property and Competition Review (Australia) IPCR Institute for Pediatric Clinical Research ). These affirmations apply to IPCRe Limited (Bermuda) and IPCRe Europe Limited (Dublin, Ireland). A.M. Best has also affirmed the ICR of "bbb", the debt rating of bb+" on $236.25 million 7.25% mandatory convertible Mandatory Convertible A type of convertible bond that has a required conversion or redemption feature. Either on or before a contractual conversion date, the holder must convert the mandatory convertible into the underlying common stock. preferred stock, due 2008 and the indicative ratings for securities available under shelf registration for IPCRe. The outlook for all ratings is stable. The ratings reflect IPCRe's excellent historical earnings and well established presence within the property catastrophe reinsurance market. Further supporting the ratings is IPCRe's highly experienced management team and customer-oriented focus. In order to minimize the impacts from catastrophic events, the IPCRe's Board of Directors has established a preset percentage of capital, which limits aggregate accumulations in any single geographic zone. IPCRe's management monitors this capital-based limits approach and diversifies the company's exposure around the world, which achieves an optimal spread of risk. Partially offsetting these positive rating factors is the decline in the company's risk-adjusted capital position, attributable to catastrophe losses in 2005. Despite severe losses in 2005 primarily due to Hurricane Katrina, IPCRe's overall performance has been excellent due to its long-term orientation to risk exposure management. IPCRe has a strong balance sheet, which is supported by $1.9 billion of shareholders' equity. 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 330 reinsurance companies, please visit www.ambest.com/reinsurance. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion