Best’s News & Research Service - March 31, 2015 02:39 PM (EDT)
A.M. Best Withdraws Ratings of WRM America Indemnity Company
Oldwick //BestWire// - A.M. Best has removed from under review with negative implications and affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of WRM America Indemnity Company (WRMAI) (Uniondale, NY). The outlook assigned to both ratings is negative. Concurrently, at the request of the company, these ratings have been withdrawn pursuant to the impending execution of a comprehensive reinsurance agreement under which all premiums and reserves of WRMAI, from inception in 2009 through and including Dec. 31, 2014, are expected to be ceded to a highly rated reinsurer, effective Jan. 1, 2015.
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.
Key insurance criteria reports utilized:
- Alternative Risk Transfer (ART)
- Rating Run-Off Insurers and Specialists
- Risk Management and the Rating Process for Insurance Companies
- Understanding BCAR for Property/Casualty Insurers
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best's Ratings & Criteria Center.
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