A.M. Best Downgrades Reliance Insurance Group to D.Business Editors & Insurance Writers OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 1, 2000 A.M. Best Co. has downgraded the C (Weak) ratings of the members of the Reliance Insurance Group to D (Poor) and removed them from under review. A.M. Best believes there is a growing likelihood of more formal or restrictive oversight by insurance regulators beyond the August agreement with the Pennsylvania Department of Insurance. This belief stems from the non-resolution of the debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: which could ultimately cause a filing for protection under the Federal Bankruptcy Code Bankruptcy Code may refer to:
v. for·bore , for·borne , for·bear·ing, for·bears v.tr. 1. To refrain from; resist: forbear replying. See Synonyms at refrain1. on the filing of any bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most for the time being, the debt due in November has technically matured without payment and the forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. could change at any time. 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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