A.M. Best Places Ratings of Colonial Group, BF&M Ltd and Argus Insurance Under Review.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 8, 2003 A.M. Best Co. has placed the financial strength ratings of A- (Excellent) of Colonial Group and BF&M Ltd under review with negative implications. Additionally, A.M. Best has placed the financial strength rating of A (Excellent) of the Argus Group subsidiaries under review with negative implications. All of the groups are located in Bermuda Bermuda (bûrmy  `də), British dependency (2005 est. pop. 65,400), 21 sq mi (53 sq km), comprising some 150 coral rocks, islets, and islands (of which some 20 are inhabited), in the . These rating actions reflect the uncertainty surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the ultimate net exposure from Hurricane Fabian This article is about the Atlantic hurricane of 2003; for other storms of the same name, see Hurricane Fabian (disambiguation) Hurricane Fabian was a powerful Cape Verde-type hurricane that hit Bermuda in early September during the 2003 Atlantic hurricane season. and the impact on capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. on each of the groups. Although all three groups carry catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). 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. protection, it is premature to assess the total insured impact of the storm. The ratings will remain under review pending further discussion with each management group. The financial strength rating of A- (Excellent) has been placed under review with negative implications for Colonial Group and the following subsidiaries: -- Atlantic Medical Insurance Limited -- Colonial Life Assurance Company Limited -- Colonial Insurance Company Limited -- Colonial Medical Insurance Company Ltd -- Security & General Insurance Company Ltd The financial strength rating of A- (Excellent) has been placed under review with negative implications for BF&M Ltd and the following subsidiaries: -- BF&M General Insurance Company Ltd -- BF&M Life Insurance Company Limited The financial strength rating of A (Excellent) has been placed under review with negative implications for the following Argus Group subsidiaries: -- Argus Insurance Company Limited -- Bermuda Life Insurance Company Limited -- Somers A number of notable people have been named Somers.
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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