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FOR IMMEDIATE RELEASE
LONDON - JULY 18, 2014 09:36 AM (EDT)
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit ratings of "bbb+" of Infrassure Ltd. (Infrassure) (Switzerland) and its affiliate, Infrassure Ltd., Vaduz (Infrassure Vaduz) (Liechtenstein). The outlook for all ratings remains negative. Subsequently, A.M. Best has withdrawn the ratings of Infrassure and Infrassure Vaduz, as the companies have requested to no longer participate in A.M. Best's interactive rating process.
The rating actions follow the completion of A.M. Best's review of the financial position of Infrassure after the announcement of its intention to cease underwriting any new business. This decision is the result of the significant reduction registered in the company's premium volumes in 2014. Infrassure is discussing a run-off business plan with the regulator, and pending that outcome, Infrassure will initiate a restructuring of its business and organisation.
Infrassure will continue with its active de-risking program, which commenced at year-end 2012.
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.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures:A.M. Best Europe - Rating Services Limited Supplementary Disclosure.
This rating announcement has been issued by A.M. Best Europe - Rating Services Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.