A.M. Best Downgrades Credit Ratings of ERGO Insurance Pte. Ltd
The ratings reflect ERGO Insurance’s balance sheet strength, which
The downgrade reflects a material decline in capital below projections provided to
The Long-Term ICR outlook revision to negative reflects A.M. Best’s concern with the execution risk related to the ERGO
The Long-Term ICR outlook could be revised to stable if the company demonstrates a trend of positive results. Negative rating actions may arise from further deterioration in the company’s capital due to weak operating performance. A reassessment of ERGO Insurance’ strategic role as a wholly owned subsidiary of the
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
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
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1st Congressional District
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