AM Best has placed Lancashire Insurance's A- financial strength rating under review with negative implications for the start-up reinsurer.
The rating agency has taken the step following the departure of vice-president and retrocession underwriter Alex Richards from Lancashire. Richards was one of the reinsurer's founders.
AM Best indicates: “Mr. Richards' previous expertise and expected retrocessional underwriting results for Lancashire were a major component of the business plan presented to AM Best at the time of the initial rating and consequently were integral in the final rating decisions.
"With Mr. Richards' departure, AM Best will proceed with a due diligence process regarding the named appointments and the effect on Lancashire's overall business plan."
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