A.M. Best Downgrades Ratings of Glacier Reinsurance AG and Places Ratings Under Review With Negative Implications

LONDON--(BUSINESS WIRE)-- A.M. Best Co. has downgraded the financial strength rating to B++ (Good) from A- (Excellent) and the issuer credit rating to “bbb+” from “a-” of Glacier Reinsurance AG (Glacier Re) (Switzerland). At the same time, A.M. Best has placed both ratings under review with negative implications.

These actions follow today’s announcement by Glacier Re that it will cease underwriting new business and place its existing portfolio into a self-managed run off effective immediately. A.M. Best’s review will encompass an assessment of the financial position of Glacier Re as a run-off company, its staffing and other related issues.

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. 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 Company
Stephen Mullan, +(44) 20 7626 6264
Financial Analyst
[email protected]
or
Miles Trotter, +(44) 20 7626 6264
General Manager
[email protected]
or
Rachelle Morrow, +(1) 908-439-2200, ext. 5378
Senior Manager, Public Relations
[email protected]

or
Jim Peavy, +(1) 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best Company