A.M. Best Affirms the Rating of Reliance National Insurance Company -Europe- Limited.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 23, 2001 A.M. Best Co. affirms the D (Poor) financial strength rating of Reliance National Insurance Company (Europe) Limited. The affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. follows the announcement that the company has moved into voluntary runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. . The company has submitted a plan to the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. and at this stage A.M. Best believes that while the Reliance Insurance Group overall has been severely financially impaired in recent months, the run-off of the UK operation should proceed in an orderly fashion. Despite the strong stand-alone 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 and operating profitability of Reliance National Insurance Company (Europe) Limited, the rating reflects the weak financial condition of the parent, Reliance Insurance Group, and considers the growing likelihood of more formal or restrictive oversight by U.S. insurance regulators due to the non-resolution of debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: . 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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