A.M. Best Assigns Ratings to Ironshore Reinsurance Ltd.OLDWICK, N.J. -- A.M. Best Co. has assigned a 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 an 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-" to Ironshore 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. Ltd. (Ironshore Re) (Bermuda). The outlook for both ratings is stable. Ironshore Re will operate through a fronting arrangement as a Bermuda-based insurance company focused on broker sourced directors and officers (D&O) coverage in the U.S. market. The assigned ratings reflect Ironshore Re's solid capitalization and conservative business plan, as well as an experienced and highly regarded management team. Ironshore Re is an affiliate of recently formed Ironshore Insurance Ltd. (Ironshore) (Bermuda), whose principal market profile is property catastrophe and property all-risk coverage. Ironshore's expansion into D&O coverage was presented to A.M. Best in the company's business plan during the initial rating process. Currently, Ironshore is capitalized with approximately $1 billion in common equity from investors, which include Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Merchant Banking, Corporate Partners, Calera Capital, TowerBrook Capital Partners. and Greenhill Capital Partners. A.M. Best will continue to closely monitor the quarterly performance of Ironshore and Ironshore Re against each company's respective business plan, and any material negative deviations in terms of management, earnings, capitalization or risk profile could result in downward pressure on both companies' assigned ratings. 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. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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