A.M. Best Comments on Rating of Island Heritage Following Announcement of ACE Bermuda's Acquiring 10% Ownership.OLDWICK, N.J. -- A.M. Best Co. has commented that the financial strength rating of A- (Excellent) of Island Heritage Insurance Company Ltd. (Island Heritage) (Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. ) remains unchanged following the recent announcement that ACE Bermuda Insurance Ltd. (ACE Bermuda), a member of the ACE Group (both of Hamilton, Bermuda), acquired a 10% stake in Island Heritage. The rating outlook remains stable. The ACE Group, a worldwide provider of insurance, 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. and 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. , is rated A+ (Superior) by A.M. Best. The group, headed by ACE Limited (NYSE NYSE See: New York Stock Exchange :ACE), wrote $11.5 billion in net written premiums for the year ended December 31, 2004. A.M. Best believes ACE Bermuda's investment will enhance Island Heritage's market profile and credibility. Island Heritage is expected to benefit from its new access to ACE Bermuda's intellectual capacity and knowledge of insurance and reinsurance markets. Island Heritage's rating was affirmed on January 18, 2005, following the infusion of $8 million from existing shareholders to offset catastrophe losses incurred during the 2004 hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
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 http://www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://www.ambest.com/pc. 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 http://www.ambest.com. |
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