A.M. Best Comments on Polish Re Affiliate's Trusteeship.OLDWICK, N.J. -- A.M. Best Co. has commented that the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-"of Polskie Towarzystwo Reasekuracji S.A.'s (Polish Re) (Poland) are unchanged following the announcement that Polskie Towarzystwo Ubezpieczen S.A (PTU PTU abbr. propylthiouracil PTU propylthiouracil. propylthiouracil (PTU) Propyl-Thyracil (CA) Pharmacologic class: Thioamide derivative Therapeutic class: ) (an affiliate and cedent of Polish Re) has been put under trusteeship. Based on the current information available, A.M. Best believes that the actions of the Polish regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities on PTU are unlikely to materially impact Polish Re's capital position. This is despite Polish Re having a 23.7% shareholding in PTU and having approximately 25% of its business originating from this cedent. In the worst case scenario
Worst Case Scenario is a reality show aired on TBS in 2002 in the U.S.. of having to write off PTU's market value from Polish Re's economic capital, the level of risk-adjusted 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 (as measured by A.M. Best's proprietary model) should remain supportive of the current ratings. The Polish Financial Supervisory Authority (KNF KNF Klamath National Forest (Oregon) KNF Kernel Normal Form (UNIX kernel source files) ) has intervened on behalf of PTU by appointing a new management board due to PTU's long-standing inability to execute tasks, thereby placing the company under trusteeship. The regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. has declared that its actions are based purely on improving the decision making process within PTU and are unrelated to any potential solvency difficulties. Potential complications in PTU's financial situation or a period in trusteeship longer than initially expected may have a negative impact on Polish Re's ratings. A.M. Best will continue to closely monitor the position of PTU and its implications on Polish Re's strategic plans. 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 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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