A.M. Best Upgrades and Removes From Under Review Ratings of the Converium Group.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating (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. ) to B+ (Very Good) from B- (Fair) and the issuer credit rating (ICR) to "bbb-" from "bb-" for Converium 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. (North America) Inc. (CRNA CRNA Certified Registered Nurse Anesthetist. cRNA complementary RNA. CRNA abbr. ) (Stamford, CT). A.M. Best has also upgraded the FSR to B+ (Very Good) from B (Fair) and the ICR to "bbb-" from "bb" of Converium Insurance (North America) Inc. (CINA CINA Children in Need of Assistance CINA Canadian Intravenous Nurses Association CINA Cancer Incidence in North America (publication) CINA Classified Information Nondisclosure Agreement ) (Fort Lee, NJ). Concurrently, A.M. Best has upgraded the ICR to "bbb-" from "b-" and the debt rating to "bbb-" from "b-" of the $200 million 7.125% senior unsecured notes, due 2023 of Converium Holdings (North America) Inc. (CHNA CHNA Community Health Network Area CHNA Community Health Needs Assessment CHNA Canadian Holistic Nurses Association CHNA College Hill Neighborhood Association CHNA Castleberry Hill Neighborhood Association CHNA Converium Holdings North America ) (Stamford, CT). All ratings have been removed from under review and assigned a stable outlook. The aforementioned ratings were placed under review with positive implications following the October 17, 2006 announcement that National Indemnity Company (Omaha, NE), a Berkshire Hathaway [NYSE NYSE See: New York Stock Exchange : BRK.A] company, entered into a definitive agreement to purchase CHNA. These ratings actions follow the completion of the acquisition and are reflective of the outstanding financial strength and capacity of the National Indemnity Company. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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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