Troubled Quanta loses A rating: plans wholesale restructuring
In a stark fourth quarter earnings release, Bermudian (re)insurer Quanta Capital Holdings has announced that it is to be downgraded by AM Best and will be seeking immediate cost cuts as well as the sale of some or all of its business units. The option of run-off was not ruled out for selected business lines as an alternative to sale.
Fourth quarter 2005 results include $12.0m of expenses associated with hurricane Wilma, and $10.2m of additional costs related to hurricanes Katrina and Rita, $5.5m related to a previously reported
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