AM Best downgrades Brit Insurance Limited (UK) financial strength to A- from A
AM Best has downgraded the financial strength of Brit Insurance Limited (UK) following the sale of its renewal rights to QBE.
The rating agency has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating (ICR) to “a-” from “a” and placed the ratings under review with negative implications.
Meanwhile, AM Best has the placed the ICR of “bbb” of Brit Insurance Holdings B.V. (Brit Insurance) (Netherlands), the ultimate parent of the Brit Insurance group of companies, under review with negative implications.
A positive rating action is unlikely over the next 12-24 months. Factors that could lead to a negative rating action for BIL include deterioration in risk-adjusted capitalisation at either BIL or Brit Insurance, deterioration in BIL’s reserves or the disposal of BIL by Brit Insurance.
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