AM Best Withdraws Credit Ratings Of Carolina
AM Best has withdrawn the Financial Strength Rating of A- [Excellent] and the Long-Term Issuer Credit Rating of “a-” [Excellent] of Carolina Re, Ltd [Bermuda]. At the time of the withdrawal, the outlook of the Credit Ratings [ratings] was negative.
The ratings agency said, “The withdrawal of the ratings previously assigned to Carolina Re, Ltd reflects the dissolution of the company.
“During 2022, Carolina Re commuted the outstanding obligations ceded under the intercompany quota-share reinsurance agreements back to James River Group Holdings, Ltd.’s [NASDAQ: JRVR] U.S.-based insurance subsidiaries effective January 1, 2022. Carolina Re concluded all operations and was dissolved in December 2023. Accordingly, AM Best has withdrawn these ratings as Carolina Re, Ltd. no longer exists.
“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 Carolina Re, Ltd. due to the absence of an insurance license and insurance liabilities.”
