A.M. Best Downgrades Ratings of Western Isles Insurance Company Limited; Changes Outlook to Negative.OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating to B+ (Good) from B++ (Good) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) to "bbb-" from "bbb" of Western Isles Insurance Company Limited (WIICL) (Isle of Man Noun 1. Isle of Man - one of the British Isles in the Irish Sea Man British Isles - Great Britain and Ireland and adjacent islands in the north Atlantic ). The outlook for both ratings has been revised to negative from stable. The rating actions reflect the weakening risk-adjusted capitalisation of WIICL's parent company, the general Russian insurer Soglassye Insurance Company LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . WIICL continues to have a solid but declining risk-adjusted capitalisation, which remains supported by excellent operating performance and a comprehensive retrocession RETROCESSION, civil law. When the assignee of heritable rights conveys his rights back to the cedent, it is called a retrocession. Erskine, Prin. B. 3, t. 5, n. 1; Dict. do Jur. h.t. programme. The change of outlook reflects the strong anticipated gross written premiums to approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 48 million in 2007 (USD 37 million in 2006) and the limited profit retention, which are likely to put pressure on risk-adjusted capitalisation. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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