A.M. Best Withdraws the Financial Strength Ratings of Gerling Global Reinsurance Corporation of America.Business EditorsOLDWICK, N.J.--(BUSINESS WIRE)--Jan. 27, 2003 A.M. Best Co. has withdrawn the financial strength rating of B- (Fair) and assigned an NR-3 rating (Rating Procedure Inapplicable in·ap·pli·ca·ble adj. Not applicable: rules inapplicable to day students. in·ap ) to Gerling Global 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. Corporation of America (GGRCA) and its subsidiary, Constitution Insurance Company (CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. ), both located in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . 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 Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. , 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 . |
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