09/02/2021 | Press release | Distributed by Public on 09/02/2021 10:34
SEPTEMBER 02, 2021 12:22 PM (EDT)
AM Best Withdraws Credit Ratings of Fergus Reinsurance Limited
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 02, 2021 12:22 PM (EDT)
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Fergus Reinsurance Limited (Fergus) (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best's interactive rating process.
The ratings reflect Fergus' balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
Fergus was incorporated in Bermuda on June 11, 2008, and is registered as a Class 3A insurer under The Insurance Act 1978, and as a segregated accounts company under The Segregated Accounts Company Act 2000. The company is privately held and currently has a small number of programs in its only active cell and maintains a business profile assessment of limited.
Fergus' operating performance assessment of marginal reflects its historically volatile underwriting performance, and the inherent challenges and future uncertainties regarding the execution of its long-term business strategy under new ownership since 2018.
This press release relates to Credit Ratings that have been published on AM 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 AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.