A.M. Best Places Ratings of Island Heritage, British Caymanian and Cayman General Under Review.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength ratings of A- (Excellent) of Island Heritage Insurance Company Ltd., British Caymanian Insurance Company Ltd., and Cayman General Insurance Company Ltd., under review with negative implications. All companies are located in Grand Cayman Grand Cayman See Cayman Islands. , Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. . These rating actions reflect the uncertainty surrounding the ultimate net exposure from Hurricane Ivan This article is about the Atlantic hurricane of 2004. For other storms of the same name, see Tropical Storm Ivan (disambiguation). Hurricane Ivan was the strongest hurricane of the 2004 Atlantic hurricane season. and its impact on the capitalization of each company. Although all three companies carry catastrophic 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 hurricane. A.M. Best remains concerned with the elevated probable maximum loss Probable Maximum Loss (PML) The anticipated value of the largest loss that could result from the destruction and the loss of use of property, given the normal functioning of protective features (firewalls, sprinklers, and a responsive fire department, among others, in the and the ability of all three companies to absorb a subsequent catastrophic event. A.M. Best will continue to closely monitor the impact that Hurricane Ivan will have on the financial strength of these companies, along with any necessary management actions to improve capitalization. For current Best's ratings, independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://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 http://www.ambest.com. |
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