AM Best downgrades Inter-Ocean subsidiaries
AM Best has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-” from “a” for the reinsurance subsidiaries of Inter-Ocean Holdings (Bermuda). The ratings apply to Inter-Ocean Reinsurance Company (Bermuda) and Inter-Ocean Reinsurance (Ireland). Additionally, AM Best has downgraded the issuer credit rating to “bbb-” from “bbb” of Inter-Ocean. All ratings have a negative outlook.
These rating downgrades are a result of the February 17, 2005, rating action taken by AM Best on one of Inter-Ocean’s principal retrocessionaires, American Re–Insurance Company. American Re’sOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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