A.M. Best Affirms Ratings of New Castle Reinsurance Company Ltd. and New Castle Reinsurance Holdings Ltd.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 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 New Castle 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. Company Ltd. (New Castle Re) (Bermuda). Concurrently, A.M. Best has affirmed the ICR of "bbb-" of New Castle Reinsurance Holdings Ltd. (Bermuda). The outlook for all ratings is stable. The rating affirmations reflect New Castle Re's solid risk-based capitalization, experienced management team and strong operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in its first two years of operation. New Castle Re continues to meet A.M. Best's stricter risk-based capital requirements Risk-Based Capital Requirement A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures. Notes: These requirements exist for the protection of investors who hold an interest in these types of businesses. for companies that are considered to be in the start-up phase. Essentially, New Castle Re has adhered to its business plans and kept A.M. Best fully apprised of its progress. Besides being susceptible to low frequency, high severity events as a property catastrophe reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , New Castle Re will continue to be challenged by increased competition within the industry as the company plots its course through the soft market cycle. Furthermore, New Castle Re's ability to successfully build and retain market acceptance will only be proven over time. For Best's Ratings, 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. |
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