LONDON–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Kelvin Re Limited (Kelvin Re) (Guernsey).
The Credit Rating (rating) actions follow the announcement on 8 December 2020 that the shareholder and the board of directors of Kelvin Re have decided for strategic reasons not to underwrite any further business and will pursue a controlled exit.
Whilst AM Best does not expect Kelvin Re’s rating fundamentals to deteriorate significantly, the under review with negative implications status reflects uncertainty over the company’s prospective balance sheet strength and future business plans.
AM Best will conduct detailed discussions with Kelvin Re regarding its revised business plans and prospective risk-adjusted capitalisation. The ratings will be removed from under review upon the completion of AM Best’s analysis.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
Valeria Ermakova
Associate Director, Analytics
+44 20 7397 0269
[email protected]
Tim Prince
Director, Analytics
+44 20 7397 0320
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Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
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Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
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