AM Best downgrades “monoline” IPC, despite $600m fund-raising
AM Best has downgraded the financial strength rating of Bermudian reinsurer IPC Holdings to A (Excellent) from A+ (Superior) and issuer credit ratings (ICR) to ‘a’ from ‘aa-‘. The rating action applies to IPCRe Limited (Bermuda) and IPCRe Europe Limited. Concurrently, AM Best has downgraded the ICR to "bbb" from "a-" of IPCRe and assigned indicative ratings to all debt securities recently filed under a $1.25bn shelf registration. All ratings have been removed from under review and assigned a stable outlook.
The agency said that the downgrades “reflect the decline in IPCRe's risk-adjusted capital position due to the group sustaining net losses from Hurricane Katrina and other catastrophe events thatOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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