12/06/2019 | Press release | Distributed by Public on 12/06/2019 10:15
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Press Release - DECEMBER 06, 2019
AM Best Comments on Credit Ratings of Austral Resseguradora and Austral Seguradora; Withdraws Ratings of Terra Brasis Resseguros
Guilherme Monteiro Simoes
Senior Financial Analyst
+1 908 439 2200, ext. 5301
Manager, Public Relations
+1 908 439 2200, ext. 5159
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 06, 2019
AM Best has commented that the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'bbb+' of Austral Resseguradora S.A. (Austral Re) and Austral Seguradora S.A. (collectively Austral) remain under review with developing implications following the completion of the merger between Austral Re and Terra Brasis Resseguros (Terra Brasis) (Brazil). Additionally, AM Best has withdrawn the FSR of B++ (Good) and the Long-Term ICR of 'bbb' of Terra Brasis, as the company has been merged successfully into Austral Re as of Nov. 29, 2019. At the time of the withdrawal, these Credit Ratings (ratings) were under review with developing implications.
AM Best will continue to hold discussions with Austral to assess the combined entities' business plan, risk-adjusted capitalization, operating performance, business profile and enterprise risk management.
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 Understanding Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.