AM Best has assigned a “bbb” rating to the $35m floating rate subordinated bonds, issued by Kiln. The rating outlook is stable.
The issue proceeds will be used to increase Kiln's participation on Lloyd's Syndicate 510 and to fund the Kiln group's increased funds at Lloyd's requirements for the 2007 year of account when capacity is expected to increase by 17.6% to £735m.
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