Goshawk has confirmed that it now seems increasingly likely that Rosemont Re will be put into run-off.

This comes following AM Best's announcement that Rosemont Re has been downgraded from A- (excellent) to B (fair) with a negative outlook.

Goshawk said the downgrade will severely impair Rosemont Re's ability to write existing or new business.

The Goshawk board added that it will continue to seek ways to maximise value for shareholders.