A.M. Best Upgrades Ratings of Blue Whale Re Ltd.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and issuer credit rating to "a" from "a-" of Blue Whale blue whale, a baleen whale, Balaenoptera musculus. Also called the sulphur-bottom whale and Sibbald's rorqual, it is the largest animal that has ever lived. Blue whales have been known to reach a length of 100 ft (30. Re Ltd. (Blue Whale Re) (headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY). The outlook for both ratings is stable. The ratings reflect Blue Whale Re's strong capitalization and its conservative operating strategy. The ratings also consider its critical and central role and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. profile as part of Pfizer Inc. (Pfizer) (NYSE NYSE See: New York Stock Exchange : PFE 1. (text, editor) PFE - Programmer's File Editor. 2. (language) PFE - Portable Forth Environment. ), as well as the company's excellent operating performance. Partially offsetting these positive rating factors are the company's very large gross and net 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. exposures to property losses and its dependence on 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. . Blue Whale Re is a single parent captive of Pfizer, the world's largest research based pharmaceutical company. As Blue Whale Re (re)insures Pfizer's global property exposures, the company assumes a critical role in protecting the group's assets. Thus, Blue Whale Re benefits from the group's extensive risk management and loss control programs. The captive operates at conservative underwriting leverage levels; however, it provides coverages with extremely large limits, and its gross exposures per loss occurrence are therefore elevated. Although Blue Whale Re benefits from reinsurance protection, its net retentions are very substantial. Reinsurance is provided by a large panel of reinsurers, and Blue Whale Re relies on significant capacity to be able to support its obligations. The company is heavily dependent on reinsurance. Nevertheless, A.M. Best recognizes the quality of the reinsurers and the substantial financial resources and support available to the captive as part of Pfizer. A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive. The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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