A.M. Best Places Ratings of Imagine Insurance Company Limited Under Review With Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength and issuer credit ratings of A- (Excellent) and "a-", respectively, of Imagine Insurance Company Limited (Imagine) (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 )
under review with negative implications.
These rating actions follow the announcement by The Imagine Group, that its insurance subsidiary, Imagine, has completed the acquisition of Danish Re (Bermuda) Ltd. (Danish Re) (not currently rated by A.M. Best) effective December 31, 2004. The ratings will remain under review pending discussions with Imagine's management and an evaluation of the risk profile and capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. to support the Danish Re business assumed by Imagine. Should A.M. Best conclude that this transaction does not have a significant impact on Imagine, the current rating will likely be affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. with a stable outlook. A.M. Best expects to commence discussions with Imagine's management and conclude its analysis in the short term. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 330 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. companies, please visit http://www.ambest.com/reinsurance/. 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 http://www.ambest.com. |
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