Rating agency A.M. Best has assigned an initial financial strength rating of A (excellent) to Wellington Reinsurance Limited, the new London-based reinsurer.
"The rating reflects the company's superior prospective risk-based capital base, excellent expected financial performance and prospective business profile and experienced management team.
"Offsetting factors include the company's limited range of specialist lines and a reliance on retrocession cover leaving it exposed to the price and availability of such
protection," A.M. Best said in a statement.
The company has been established by Wellington Underwriting plc, which owns 46.3% of the 2002 capacity of Lloyd's syndicate 2020.
