A.M. Best Places Rating of The Underwriter Insurance Company Under Review.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--March 10, 2003 A.M. Best Co. has placed the financial strength rating of A- (Excellent) of The Underwriter Insurance Company Limited (TU), United Kingdom, under review with negative implications. The action reflects an expected weakening of the company's risk-adjusted capital adequacy due to the likelihood of significantly worse than expected earnings for the full 2002 year. TU's business strategy is also uncertain following the resignation last week of Keith Rutter Keith Rutter (born Leeds Yorkshire September 10 1934) was a footballer in the 1950's and 1960's. Keith was a reliable defender who played for QPR and Colchester United. , the former Chief Executive Officer. Subject to Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ) approval, he will be replaced by Nigel Rogers Nigel David Rogers was born on 21 March 1935 in Wellington, Shropshire, England. Rogers is an English tenor, conductor and teacher. He studied at King’s College, Cambridge (he was a choral scholar) from 1953-1956, in Rome in 1957 and in Milan from 1958-1959, and with , a non-executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. of the company. A.M. Best will be meeting with management in the next few days to discuss ongoing capital adequacy and future business strategy. 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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