A.M. Best Assigns An "A" (Excellent) Rating To Starr Excess Liability.OLDWICK, N.J.--(BUSINESS WIRE)--Aug. 20, 1997--Effective immediately, A.M. Best Co. has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. an initial rating of "A" (Excellent) to Starr Excess Liability Insurance Co., Ltd. This rating reflects the Bermuda-based company's worldwide position in the excess liability insurance market, conservative balance sheet, talented management team, and strong capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. . As a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of SELIC Holdings, Ltd., the company is a leading worldwide provider of directors and officers, professional liability and general liability excess insurance. Two of the company's sponsors, American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. and General Re Corp., provided 34% of the original capitalization and continue to provide technical and marketing support. The company has a very strong capital base, consistently superior earnings and more than 250 policyholders that operate in widely diverse industries, including many of the largest industrial enterprises in the world. The company maintains a high degree of liquidity and has a conservative investment portfolio. Offsetting these positive factors are possible fluctuations in earnings due to the low frequency and high severity risks the company underwrites. While loss reserving for high attachment risks can be difficult, the company has instituted a number of measures to closely control its reserving and claims management techniques. Also, since Starr Excess was formed in 1993, the company is not faced with loss reserves for the environmental, asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. and other latent Hidden; concealed; that which does not appear upon the face of an item. For example, a latent defect in the title to a parcel of real property is one that is not discoverable by an inspection of the title made with ordinary care. injury exposures that have emerged in the past 20 years. Although competitive pressures have increased in the worldwide excess liability market, where additional capacity is causing market pricing reductions, Starr Excess' revenues grew 8.8% in 1996, and the company was able to retain 80% of its clients while maintaining its pricing discipline. A.M. Best views the company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. rating outlook as stable. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: Jeffrey Dunsavage (908) 439-2200, ext. 5618 dunsavj@ambest.com |
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