Imagine downgraded by Fitch following run-off decision
Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of Barbados-based (re)insurer Imagine Insurance Company Limited and Imagine International Reinsurance Limited (collectively, Imagine) to 'BBB' from 'A-', following the decision by Imagine Insurance Company Limited's Board of Directors to place Imagine into run-off.
The downgrade reflects Fitch's belief that Imagine's status as a run-off company will result in a declining capital position over time and with limited new income sources. Fitch also believes that
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