Press Release - DECEMBER 07, 2017
A.M. Best Issues Correction to Issue Credit Ratings on Surplus Notes of Certain Subsidiaries of Munich Reinsurance Company
| ||Tim Prince|
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Senior Financial Analyst
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Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 07, 2017
A.M. Best has issued a correction to the previously published Long-Term Issue Credit Ratings (Long-Term IR) assigned to two surplus notes issued by American Alternative Insurance Corporation and The Princeton Excess & Surplus Lines Insurance Company (both headquartered in Princeton, NJ), U.S. operating companies of Munich Reinsurance Company. The Long-Term IRs are being corrected to “a+” from “a” and is not reflective of any change in the financial position of the company or A.M. Best’s opinion of the debt instruments. The incorrect rating appeared in the initial, now-corrected version of A.M. Best’s press release on A.M. Best’s website, dated Dec. 7, 2017, titled “A.M. Best Removes From Under Review and Upgrades Issuer Credit Ratings of Munich Reinsurance Company and Most of its Subsidiaries.” It also appeared on unaffiliated services such as Bloomberg.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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