A.M. Best Affirms Ratings of The West of England Ship Owners Mutual Insurance Association.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) and the issuer credit rating of "a-" of The West of England The West of England is a loose term given to the area surrounding the City and County of Bristol, England. It is increasingly used - e.g. by the West of England Partnership - as a synonym for the former Avon (county) area. Ship Owners Mutual Insurance Association (Luxembourg) (WOE woe n. 1. Deep distress or misery, as from grief; wretchedness. See Synonyms at regret. 2. Misfortune; calamity: economic and political woes. interj. or the Club). The outlook for both ratings is stable. This action removes the under review status of the ratings, which was applied on 16 May 2006 to enable A.M. Best to assess the impact of actions the Club was expected to take to address its weakened risk-adjusted capitalisation. A.M. Best believes that the Club's decision to make additional calls on the 2004-2006 policy years and other actions planned in advance of the 2010 deadline for Solvency 2 are likely to be sufficient to maintain the Club's risk-adjusted capitalisation at an excellent level. The Club's management has elected to raise its current level of free reserves Free reserves Excess reserves minus member bank borrowings at the Fed. of 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. 132 million by calling its current release calls, set at 15% for the open policy years 2004, 2005 and 2006, as additional calls. A.M. Best anticipates that these additional calls will increase free reserves by over USD 65 million at February 2007. The rating also factors the Club's decision to make a further release call on the 2006 policy year of approximately USD 55 million by 2010, if required. 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. 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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