A.M. Best Downgrades Ratings of Commercial Risk Reinsurance Company and Its U.S. Subsidiary.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 22, 2003 A.M. Best Co. has downgraded the financial strength ratings to B++ (Very Good) from A- (Excellent) of Commercial Risk 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. Company Limited, Bermuda, and its U.S. subsidiary, Commercial Risk Re-Insurance RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. 2. It differs from a double insurance (q.v. Company, Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. . Both ratings have been placed under review with negative implications. The companies are the insurance operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of the Bermudian holding company, Commercial Risk Partners Limited. A.M. Best no longer regards the companies as integral subsidiaries of the ultimate parent, SCOR SCOR Scientific Committee on Oceanic Research SCOR Supply Chain Operations Reference model SCOR Small Corporate Offering Registration SCOR Specialized Center of Research (White Plains, NY) SCOR Second Cousin Once Removed , Paris. The under review status of the ratings reflects A.M. Best's concern regarding the future role of these companies within SCOR and the uncertainty as to the outcome of the annual year-end reserves review of the companies currently being carried out. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion