AM Best Withdraws Credit Ratings Of Accelerant
AM Best has withdrawn the Financial Strength Rating of A- [Excellent] and Long-Term Issuer Credit Rating of “a-” [Excellent] of Accelerant Re Ltd. [Accelerant Re Bermuda] [Bermuda].
The ratings agency said, “The company is a wholly owned subsidiary of Accelerant Holdings [Accelerant], a non-operating holding company in the Accelerant group. At the time of the withdrawal, the outlook of the Credit Ratings [ratings] was stable.
“The withdrawal of the ratings is due to Accelerant having made a strategic decision not to have Accelerant Re Bermuda commence operations following the establishment by Accelerant of a licensed affiliate in Cayman.
“AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, a final rating opinion could not be produced for Accelerant Re Bermuda due to its cancelled insurance registration and the absence of insurance liabilities.”
