A.M. Best Assigns Ratings to ICON Reinsurance Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a financial strength rating of B (Fair) and issuer credit rating of “bb+” to ICON Reinsurance Ltd. (ICON) (Cayman Islands). The outlook for both ratings is stable.

The ratings of ICON are based on its fair risk-adjusted capitalization, experienced management team and solid business plan. Offsetting these factors is the company’s concentration in certain asset classes, which reduces its liquidity.

A.M. Best will continue to monitor ICON to ensure that it is meeting the assumptions of its business plan and also will monitor performance on a quarterly basis. Any material negative deviation from its business plan in terms of management, earnings, capitalization or risk profile could result in negative rating pressure.

The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; and “Understanding BCAR for Property/Casualty Insurers.” Methodologies can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Nick Dranchak, 908-439-2200, ext. 5629
Financial Analyst
nick.dranchak@ambest.com
or
Steven Chirico, CPA, 908-439-2200, ext. 5087
Assistant Vice President
steven.chirico@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Source: A.M. Best Co.