Major London Market reinsurer Copenhagen Re has suspended underwriting in order to better understand its exposure to US tragedy losses.
Ratings agency AM Best subsequently downgraded the reinsurer from A- (excellent) to B++ (very good).
Meanwhile, AM Best has downgraded QBE International Insurance and QBE Reinsurance (Europe) to A- (excellent) from A (excellent). The rating of IronTrades Insurance has been placed under review with negative implications.
The action reflects AM Best's concerns over QBE Group's potential losses following the World Trade Centre disaster.
