-AM Best places Torus National Insurance's ratings on "positive" review.
BANKING AND CREDIT NEWS-August 20, 2010--AM Best places Torus National Insurance's ratings on "positive" review(C)2010 M2 COMMUNICATIONS http://www.m2.com
20 August 2010 - AM Best placed on Thursday under review with "positive" implications the B+(good) financial strength rating and the "bbb-" issuer credit rating on US Torus National Insurance Co.
The rating actions follow the completion of Torus National's acquisition in July 2010 by Torus Specialty Insurance Co, a subsidiary of Torus Insurance Holdings Ltd (Torus), from TIG Insurance Co, a holding company that is ultimately owned by Fairfax Financial Holdings Ltd (TSE:FFH), the analysts explained.
Torus National has been in run off since 2002, and its existing insurance liabilities are 100% reinsured by its former parent, TIG Insurance Co. Torus National is expected to recommence trading in the third quarter of 2010.
The ratings on Torus National will remain under review until AM Best has assessed Torus group's plans for the company, including the level of financial support Torus will provide, the agency added.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Aug 20, 2010|
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