A.M. Best Downgrades Ratings of Cologne Reinsurance (Dublin) Ltd. and Places Ratings Under Review.OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A++ (Superior) and the issuer credit rating to "a-" from "aa+" of Cologne Cologne (kəlōn`), Ger. Köln, city (1994 pop. 962,500), North Rhine–Westphalia, W Germany, on the Rhine River. It is a commercial, financial, and industrial center, a rail and road junction, and a river port. 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. (Dublin) Ltd. (CRD CRD See Central Registration Depository (CRD). ). All ratings have been placed under review with negative implications. These rating actions reflect that A.M. Best will be factoring diminished implicit parental support into the ratings following the decision of Koelnische Rueckversicherungs (Cologne Re) not to write new business in CRD. All ratings remain under review with negative implications in order for A.M. Best to re-assess the stand-alone financial strength of CRD. For current 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. , independent data and analysis on more than 330 reinsurance companies, please visit www.ambest.com/reinsurance. 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 www.ambest.com. |
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