Friday, September 25, 2009

A.M. Best Withdraws Ratings of Accident & General Insurance Company Ltd.

the general insurance

OLDWICK, N.J. - (Business Wire) A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit rating (ICR) of “a-” of Accident & General Insurance Company Ltd. (AGI) (Grand Cayman, Cayman Islands). The outlook for both ratings is stable.

Concurrently, A.M. Best has withdrawn the ratings and assigned an NR-4 to the FSR and an “nr” to the ICR. These rating actions reflect AGI’s management’s decision to withdraw from A.M. Best’s interactive rating process.

The ratings reflect AGI’s excellent capitalization levels, solid operating performance, experienced management team, niche market profile and extensive risk management and safety programs. Partially offsetting these positive rating factors are the concentration of risk associated with the company’s specific focus on recreational divers and its relatively high retention levels relative to surplus.

AGI has an extensive risk management program in place, focusing on diver safety, training and education. The company works closely with training agencies to provide training and educational workshops. Certified training instructors are required to take rigorous written and physical examinations in order to receive their certification or C-Card. The guidelines are strict and must be complied with or the instructor could potentially lose his/her license and liability coverage. The company has a global preferred provider network in place. The network ensures that the diver receives the necessary medical treatment, including the use of a hyperbaric chamber, if required.

A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.

For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit

The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at

Founded in 1899, A.M. Best Company remains 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

A.M. Best Co.
Gale Guerra, MBA, 908-439-2200, ext. 5069
Steven Chirico, CPA, 908-439-2200, ext. 5087
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Rachelle Morrow, 908-439-2200, ext. 5378