A.M. Best Extends Gerling Group Rating To Recently Acquired U.S. Unit.OLDWICK, N.J.--(BUSINESS WIRE)--Oct. 4, 1999-- A.M. Best Co. today lowered its rating on Gerling Gerling are an alternative guitar and electronic act from Australia. They formed in 1993, and are based in Sydney. History The band formed in 1993 with the line-up of Darren Cross (guitar, vocals), Presser (real name Paul Towner, drums) and Brad Herdson (guitar, vocals). Global 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. Corporation of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. (formerly Constitution Reinsurance Corp.), to A (Excellent) from A+ (Superior), and removed it from under review. The action represents the application of the worldwide group rating to Gerling Global Reinsurance Corporation of America, which is an extension of its A rated parent, Gerling-Konzern Globale, Germany. This action follows the corporate restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of Gerling Group's reinsurance operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and reflects the company's core role in the Gerling Group and the reinsurance and capital support of its parent. In addition to solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the group's commitment to the reinsurance market, this restructuring provides the German parent with a stronger U.S. reinsurance platform, creating greater business opportunities and access to longstanding client and broker relationships. As part of the restructuring, the former Gerling Global Reinsurance Corporation of America was renamed Constitution Insurance Company. In addition, Constitution Insurance Company and the new Gerling Global Reinsurance Corporation of America have entered a reinsurance assumption agreement whereby all premiums and losses (as of Jan. 1, 1999) were ceded to Gerling Global Reinsurance Corporation of America. Effective Jan. 1, 1999, both companies also entered into a quota-share reinsurance agreement, whereby Gerling Global Reinsurance Corporation of America cedes 3% of its net business to Constitution Insurance Company. A.M. Best Co., established in 1899, is America's oldest and most widely recognized 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