Rating actions remove the under review status applied to the rating in December 2006
A.M. Best Co. has affirmed the financial strength (FSR) rating of B (Fair) and issuer credit rating (ICR) of "bb+" of Primary Insurance Company Limited (PICL).
These rating actions remove the under review status applied to the rating in December 2006.
Subsequently, A.M. Best has withdrawn the FSR and has assigned an NR-4. This action has been taken in response to PICL's request that the company be withdrawn from the interactive rating process.
The affirmation of the rating reflects anticipated deterioration in PICL's financial performance at year-end March 2007 due primarily to reserve strengthening in its commercial account of small to medium-sized (SME) risks. In A.M. Best's analysis of PICL's risk-adjusted capitalisation, the deterioration in performance is offset by a reduction in the company's underwriting exposure as business written is decreased in the current soft market cycle. This decrease reflects lower premium income anticipated from its sole business provider and ultimate parent company, Primary Group Limited (PGL) (Bermuda).
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