A.M. Best Withdraws Rating of Syndicate 102; Comments on Rating of Goshawk Re.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Oct. 31, 2003 A.M. Best Co. has withdrawn the Best's Syndicate Rating of A- (Excellent) of Lloyd's Syndicate 102 and assigned it an NR-3 rating (Rating Procedure Inapplicable in·ap·pli·ca·ble adj. Not applicable: rules inapplicable to day students. in·ap ). The rating withdrawal follows the decision by Goshawk goshawk: see hawk. goshawk Any of the more powerful accipiters (hawks in the genus Accipiter), primarily short-winged, forest-dwelling bird catchers. Best known is the northern goshawk, which reaches about 2 ft (60 cm) in length with a 4.3-ft (1. Insurance Holdings Plc to place syndicate 102 into run off after significant losses announced during 2003. A.M. Best believes that the syndicate's run off will have a limited impact on Goshawk 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. Limited (Goshawk Re)--currently rated A- (Excellent)--due to the effective limited liability of the syndicate's operations. Goshawk Re will now fund repayments of the USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 65 million term debt issued by its immediate holding company, in addition to collateralising a letter of credit equating to GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 15 million (USD 25.5 million) to support funds at Lloyd's for syndicate 102, both of which have been factored into the company's risk-adjusted capitalisation. The outlook on the Goshawk Re financial strength rating remains negative. 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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