A.M. Best Affirms Ratings of Catlin Group Limited’s U.S. Subsidiaries Business Wire OLDWICK, N.J. -- July 25, 2013 A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings of “a” of Catlin Insurance Company, Inc. (CICI) (Houston, TX), Catlin Specialty Insurance Company (CSIC) and Catlin Indemnity Company (CIND). CICI, CSIC and CIND participate in the Catlin U.S. intercompany pooling agreement known as the Catlin U.S. Pool. The outlook for all ratings is stable. All companies are domiciled in Dover, DE, unless otherwise specified and are ultimately owned by Catlin Group Limited (CGL) (Bermuda). These ratings are based upon CICI, CSIC and CIND’s strategic roles and importance as U.S. domestic insurers within the Catlin group. In addition, the ratings factor in the explicit and implicit support provided to the Catlin group in the form of quota share reinsurance with Catlin Re Switzerland Ltd (Switzerland) through its Bermuda branch and a guarantee on all third-party reinsurance recoverables by CGL. The ratings also reflect the implied commitment provided by the Catlin group to support the Catlin U.S. Pool’s ongoing expansion efforts in the United States. The Catlin U.S. Pool maintains a solid risk-adjusted capitalization, produces profitable operating results and continues to expand its role as a growth engine for the Catlin group. However, due to the vast exposure and premium growth that has taken place in the casualty lines through the recent soft market conditions, A.M. Best continues to closely monitor the reserve development and overall profitability of the Catlin U.S. Pool. Positive rating actions are unlikely in the near future for CSIC, CICI and CIND. Factors that may lead to negative rating actions include a material deterioration in the Catlin U.S. Pool’s risk-adjusted capitalization, significant weakening in its operating results, any negative rating actions taken on CGL and/or any lessening of support (implied or explicit) provided by CGL. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. Contact: A.M. Best Co. Kenneth Monahan, 908-439-2200, ext. 5342 Financial Analyst firstname.lastname@example.org or Joseph Roethel, 908-439-2200, ext. 5630 Assistant Vice President email@example.com or Rachelle Morrow, 908-439-2200, ext. 5378 Senior Manager, Public Relations firstname.lastname@example.org or Jim Peavy, 908-439-2200, ext. 5644 Assistant Vice President, Public Relations email@example.com
A.M. Best Affirms Ratings of Catlin Group Limited’s U.S. Subsidiaries
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