Rating agency A.M. Best has downgraded the financial strength ratings of Sirius International Insurance Corporation, Sweden, and its US subsidiary Sirius America Insurance Company from A+ (superior) to A (excellent).
The ratings are no longer under review.
A.M. Best said it continues to view Sirius' risk-based capital as superior.
However, it noted that the group's business profile and historically strong underwriting results have been weakened by losses at its Bermuda-based subsidiary, Scandinavian Reinsurance Company, which is currently in run-off.
