A.M. Best Withdraws Ratings of Gerling Konzern Globale Ruckversicherungs AG.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 13, 2003 A.M. Best Co. has withdrawn the financial strength and debt ratings of Gerling Gerling are an alternative guitar and electronic act from Australia. They formed in 1993, and are based in Sydney. History The band formed in 1993 with the line-up of Darren Cross (guitar, vocals), Presser (real name Paul Towner, drums) and Brad Herdson (guitar, vocals). Konzern Globale Ruckversicherungs AG (GKG GKG Gabah Kering Giling ) and its core subsidiaries. (See lists below.) A.M. Best has also withdrawn the rating on the EUR EUR In currencies, this is the abbreviation for the Euro. 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. 220 million subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". issued by Gerling Finance Alpha B.V. and guaranteed by GKG. Prior to the withdrawal, the financial strength rating of GKG and its core subsidiaries was downgraded to B (Fair) from B++ (Very Good), the rating on the EUR 220 million subordinated debt was downgraded to "b+" from "bb+" and all ratings were removed from under review with negative implications. The downgrades reflect A.M. Best's prospective assessment with the uncertainties of GKG's non-life 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. run-off process and the increased likelihood of a payment deferral deferral - Waiting for quiet on the Ethernet. on the EUR 220 million subordinated debt. A.M. Best will no longer monitor GKG's run-off process. The B++ (Very Good) financial strength ratings on Gerling Global Life Insurance Company (Toronto) and Gerling Global Life Reinsurance Company (Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. ) remain under review but with developing implications. (See separate press release on Gerling Global Life.) The following financial strength rating has been downgraded to B (Fair) from B++ (Very Good). This rating has subsequently been withdrawn: -- Gerling-Konzern Globale Ruckversicherung -- Gerling Global Life Reinsurance of Australia -- Gerling Global Reinsurance Co. of Australia Pty -- Gerling Global Life Reassurance Co. (UK) -- Gerling Global General & Reinsurance Co. Ltd -- Gerling Global Reinsurance Co. of South Africa -- Gerling Global Reinsurance Company -- Gerling Global Sweden Reinsurance Co. Ltd -- Gerling Globale Ruckversicherung AG -- Gerling Global International Reinsurance Company The following debt rating has been downgraded to "b+" from "bb+". This rating has subsequently been withdrawn: -- EUR 220 million subordinated debt issued by Gerling Global Finance Alpha B.V. and sub-guaranteed by Gerling-Konzern Global Ruckversicherung. 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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