A.M. Best Withdraws the Financial Strength Ratings of Gerling Global Reinsurance Corporation of America.
OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 27, 2003
A.M. Best Co. has withdrawn the financial strength rating of B- (Fair) and assigned an NR-3 rating (Rating Procedure Inapplicable) to Gerling Global Reinsurance Corporation of America (GGRCA) and its subsidiary, Constitution Insurance Company (CIC), both located in New York.
This rating action is in response to the request from GGRCA's parent, Gerling Konzern Globale Ruckversicherung, to withdraw its U.S. subsidiaries from the interactive rating process. The financial strength ratings of the U.S. subsidiaries, which are in runoff, had been downgraded to B- (Fair) from B+ (Very Good) on December 20, 2002.
These rating actions follow the announcement of the prospective sale of Gerling Global Re's (Germany) non-life activities, of which both GGRCA and the CIC are part, to the Lago Achte GmbH. The Lago Achte GmbH will run off the non-life segment of Gerling Global Re.
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 .