Best’s News & Research Service - April 27, 2017 12:15 PM (EDT)
A.M. Best Maintains Under Review With Negative Implications Status for Credit Ratings of Knight Insurance Co. Ltd and Affiliates
- April 27, 2017 12:15 PM (EDT)
Oldwick //BestWire// - A.M. Best has maintained the under review with negative implications status on the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” of Knight Insurance Company Ltd. (Knight Insurance) (Cayman Islands) and its reinsured U.S. insurance company subsidiary, Knight Specialty Insurance Company (Wilmington, DE).
Concurrently, A.M. Best has maintained the under review with negative implications status on the FSR of B++ (Good) and the Long-Term ICR of “bbb” of its affiliate, Knightbrook Insurance Company (Knightbrook) (Wilmington, DE). The rating actions follow the delay by Knight Insurance in submitting 2015 statutory filings to Cayman and U.S. regulatory agencies.
Maintaining the under review status is a follow-up to the rating actions taken by A.M. Best on Aug. 4, 2016, related to the delay by Knight Insurance and Knightbrook in submitting their 2015 statutory filings to Cayman and U.S. regulatory agencies. The 2015 statutory filings have been filed; however, the 2015 audited financial statements of the companies’ parent, Knight Holdings, Inc.’s, remain outstanding. The Credit Ratings will remain under review pending the receipt and review of the remaining 2015 and all 2016 audited financial statements, and discussion with the companies’ management.
This press release relates to Credit Ratings 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 see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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