Printer Friendly

A.M. Best Withdraws the Financial Strength Ratings of Gerling Global Reinsurance Corporation of America.

Business Editors

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A.M. Best Co. has withdrawn the financial strength rating of B- (Fair) and assigned an NR-3 rating (Rating Procedure Inapplicable) to Gerling Global Reinsurance Corporation of America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 .
COPYRIGHT 2003 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 27, 2003
Previous Article:MuniMae Conference Call to Discuss 2002 Fourth Quarter Earnings Results.
Next Article:Aon to Release Earnings and Hold Webcast; Chairman Patrick G. Ryan to Speak at Investor Conference.

Related Articles
Top U.S. Reinsurers by Line - 2000.
Best's Rating Changes. (Ratings).
Best's Rating Changes. (Ratings).
Reinsurance rebournd. (Industry Strategies: Top Reinsurers By Line).
Best's Rating Changes. (Ratings).
Best's Rating Changes. (Ratings).
Best's Rating Changes. (Ratings).
Best's rating changes.
Best's rating changes.
Best's rating changes.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters