Primary Insurance Company receives downgrade
A.M. Best has downgraded the financial strength rating to B (Fair) from B++ (Very Good) and the issuer credit rating (ICR) to “bb+” from “bbb”of Primary Insurance Company Limited (Ireland). The under review status of the ratings applied in June 2006 has been revised to developing from negative.
The downgrade reflects weakening in PICL’s risk adjusted capitalisation due to deterioration in its financial performance caused partly by reserve strengthening in its commercial small to medium-sized
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