A.M. Best Withdraws Ratings of Allied Dunbar Assurance plc and Eagle Star Life Assurance Company Ltd.OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength ratings of Allied Dunbar Allied Dunbar is a trading name of the Zurich Financial Services Group and its subsidiary companies Allied Dunbar Assurance plc and Dunbar Bank plc. Setting up its headquarters in Swindon town centre in 1970 under the name 'Hambro Life', the company expanded during the late Assurance plc (Allied Dunbar) (United Kingdom) and Eagle Star Life Assurance Company Ltd (Eagle Star) (United Kingdom) at the request of the companies and assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. an NR-4 (Company Request) rating to each company. At the time of the withdrawal, the financial strength ratings of Allied Dunbar and Eagle Star were downgraded to A- (Excellent) from A (Excellent) and to B++ (Very Good) from A (Excellent) respectively. The issuer credit ratings of Allied Dunbar and Eagle Star were also downgraded to 'a-' from 'a' and to 'bbb' from 'a' respectively. The outlook for both ratings was changed to negative from stable. These rating actions reflect the challenges associated with the announced merger of both companies, current pressures on Eagle Star's capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper and A.M. Best's opinion in respect of the reduced level of parental support in case further capital needs arise. 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 http://www.ambest.com. |
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