A.M. Best Removes Overseas Partners A+ Rating From Under Review.OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 10, 1999-- A.M. Best Co. has 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. and removed from under review the A+ (Superior) rating of Overseas Partners Ltd., Hamilton, Bermuda. The rating action followed detailed discussions with the management of Overseas Partners regarding the company's developing business strategies and future financial position. These discussions were prompted by the recent cancellation by United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. of the profitable excess-value shipper's risk program. A.M. Best will track the company's expanding portfolio in third-party business, focusing on reserve adequacy, prospective earnings and financial flexibility, as the organization continues to evolve from its original role as a provider of shipper's risk insurance to UPS customers to a global third-party reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. . A.M. Best's rating 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. on Overseas Partners is largely driven by historically superior operating results, an expanding revenue base, strong financial position and solid market presence. Overseas Partners has significant capital for the underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and investment risk it incurs, as well as an experienced and knowledgeable team of financial and underwriting executives. A.M. Best Co., established in 1899, is the world's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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