A.M. Best Places Ratings of Rosemont Reinsurance Ltd. Under Review with Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength ratings (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 A- (Excellent) and the issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of Rosemont 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. Ltd. (Rosemont) (Bermuda) under review with negative implications. These rating actions follow the recent announcements by Rosemont that net losses attributable to Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. are projected to be in
the $25 million to $30 million range and that marine energy losses for
Hurricane Ivan had deteriorated during the second quarter of 2005. A.M
Best is concerned that the combination of these events, in addition to
negatively affecting Rosemont's operating profit Operating profit (or loss)Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. projections for 2005, will also negatively affect Rosemont's prospective risk-based capital in light of its property catastrophe business profile. The ratings will remain under review pending discussions with Rosemont's management and re-evaluation of the capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. necessary to support the company's current rating. A.M. Best expects to commence discussions with Rosemont's management and conclude its analysis in the short term. For 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 330 reinsurance companies, please visit 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 www.ambest.com. |
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