AM Best has downgraded the financial strength rating of Alea to 'B' (fair) from 'B++' (very good) and the issuer credit rating to 'bb' from 'bbb'...
AM Best has downgraded the financial strength rating of Alea to 'B' (fair) from 'B++' (very good) and the issuer credit rating to 'bb' from 'bbb.
The outlook for all ratings remains negative. Subsequently, the agency has withdrawn all ratings and has assigned an NR-4 (company request) to the Alea Group.
The downgrade follows significant deterioration in the company's consolidated risk-adjusted capitalisation as a result of worse than anticipated performance in 2005 due to run-off charges, catastrophe losses and further adverse reserve development.
