A.M. Best Downgrades, Withdraws Rating of Copenhagen Re
A.M. Best announced that it has downgraded the financial strength rating of Denmark’s Copenhagen Reinsurance Group to C+ (Marginal) from B (Fair). It also withdrew its rating on Copenhagen Re at the company’s request.
“The lowering of the rating follows the further erosion of Copenhagen Re’s capital base after revised estimates of the company’s exposure (DKK 700 million) [$84 million] to the World Trade Center disaster and the lack of notification to A.M. Best of any further capital support from the company’s ultimate parent, ALM Brand,” said the announcement.
The move follows a downgrade last November 21, and highlights Best’s uncertainty about Copenhagen Re’s ability to resume underwriting activities following its losses.
Popular Today
- Adjuster Created Law Firm and Fake Claim to Defraud Insurer of $1M, Officials Charge
- All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery
- Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says
- Cyber Rates Are Down, Risks Are Up but Small Businesses Slow to Adopt