S&P Announces: ACE Capital Title Reinsurance Co. Ratings Lowered and Withdrawn.Business Editors NEW YORK--(BUSINESS WIRE)--April 15, 2004 On April 15, 2004, Standard & Poor's Ratings Services lowered its counterparty credit and financial strength ratings on ACE Capital Title 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. Co. (ACTR ACTR American Council of Teachers of Russian ACTR Actuator ACTR Association for Canadian Theatre Research ACTR A Christmas To Remember ACTR Assistant Contract Technical Representative (NMCI liaison) ) to 'A+' from 'AA' and then withdrew the ratings. These ratings actions follow the Form S-1 registration statement in which Assured Guaranty Re Overseas Ltd. (AGRO) said it would transfer 100% of the stock ownership of ACTR to ACE Bermuda Insurance Ltd. (Ace Bermuda; A+/Negative/--) in exchange for a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. of about $39.5 million that will be payable on completion of AGRO's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . ACTR is effectively in run-off, though a marginal amount (about $5 million) of business will be written in 2004 under existing treaties. ACTR previously ceded to Assured Guaranty Re International Ltd. (AGRI AGRI. Arable land in the common fields. Cunn. Dict. h.t. ) a portion of its title business. AGRI in turn reinsured $100 million of limit in excess of $95 million to ACE Bermuda. In connection with this IPO and subject to regulatory approvals, AGRI's reinsurance with ACE Bermuda will be terminated and ACTR's title business will be reinsured directly by ACE Bermuda.
Ratings List
To From
ACE Capital Title Reinsurance Co.
Counterparty credit rating NR A+/Stable/--
Financial strength rating NR A+/Stable/
Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar A set of buttons or graphic images typically in a row or column used as a central point that link you to major topic sections on a Web site. If the navigation bar is a single graphic image with multiple selections, it is known as an imagemap. See imagemap. , select Find Ratings, then Credit Ratings Search. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion