A.M. Best Places Ratings of Converium Reinsurance (North America) and Converium Insurance (North America) Under Review.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of B- (Fair) and the issuer credit rating (ICR) of "bb-" of Converium 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. (North America) Inc. (CRNA CRNA Certified Registered Nurse Anesthetist. cRNA complementary RNA. CRNA abbr. ) (Stamford, CT) and the FSR of B (Fair) and the ICR of "bb" of Converium Insurance (North America) Inc. (CINA CINA Children in Need of Assistance CINA Canadian Intravenous Nurses Association CINA Cancer Incidence in North America (publication) CINA Classified Information Nondisclosure Agreement ) (Fort Lee, NJ) under review with positive implications. Concurrently, A.M. Best has placed the ICR of "b-" and the debt rating of "b-" on $200 million 7.125% senior unsecured notes, due 2023 of Converium Holdings (North America) Inc. (CHNA CHNA Community Health Network Area CHNA Community Health Needs Assessment CHNA Canadian Holistic Nurses Association CHNA College Hill Neighborhood Association CHNA Castleberry Hill Neighborhood Association CHNA Converium Holdings North America ) (Stamford, CT) under review with positive implications. The under review with positive implications follows the recent announcement that Converium AG (Converium) (Zurich, Switzerland) has entered into a definitive agreement with National Indemnity Company, (Omaha, NE) a Berkshire Hathaway company, to sell CHNA, its North American operation North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. . The $295 million transaction is comprised of $95 million in cash and $200 million in the assumption of debt. In addition, Converium has not provided any guarantee or indemnity with respect to the reserves of the North American operations. The transaction is subject to regulatory approvals and customary closing conditions. The positive implications reflect A.M. Best's opinion of the outstanding financial strength and capacity of the National Indemnity Company. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. 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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