AM Best has placed the financial strength rating of A (Excellent) and issuer credit rating of “a” of Catlin Insurance (Bermuda) under review with negative implications. Concurrently, the agency has placed the ICR of “bbb” of Catlin Group and the FSR of A (Excellent) and ICR of “a” of Catlin Insurance (UK) under review with negative implications.
The ratings have been placed under review due to concerns relating to the level of Catlin's consolidated catastrophe exposure and the likely future impact of major events on risk-adjusted capitalisation. As part of the financial strength rating evaluation process, AM Best intends to assess the benefit, if any, to CICL of its proposed catastrophe swap agreement.
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