A.M. Best Comments on Wuerttembergische Versicherung's Sale of Its UK Operation.OLDWICK, N.J. -- A.M. Best Co. has commented that the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" for Wuerttembergische Versicherung AG (WuerttVers) (Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). ) remain unchanged following the announcement that WuerttVers has sold its UK branch, WuerttUK Limited, to the newly established Lloyd's Lloyd's, London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now Syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism 1274 (Antares). WuerttVers will have an 18.9% stake in the new syndicate through a holding company based in Bermuda and will run off the existing portfolio. A.M. Best expects an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. run off of existing claims reserves. Although WuerttUK has been profitable in recent years, A.M. Best believes that this transaction allows WuerttVers to focus on its core market (Germany), where it recently finalised the merger with Karlsruher Versicherung. 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 healthcare service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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