Olympus Re to work without a rating after downgrade
AM Best has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to "bb-" from "bbb-" of Bermudian reinsurer Olympus Re and removed both ratings from under review. The ratings have been assigned a negative outlook and will be withdrawn at Olympus' request.
AM Best said the downgrades follow significant deterioration in the company's risk-adjusted capitalization as a result of the 2005 catastrophe losses. While Olympus has recently raised $156m toOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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