AM Best Withdraws Credit Ratings of JRG Reinsurance Company Ltd.
April 26 2024 - 2:34PM
Business Wire
AM Best has withdrawn the Financial Strength Rating of
B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good)
of JRG Reinsurance Company Ltd. (JRG Re) At the time of the
withdrawal, the Credit Ratings (ratings) were under review with
negative implications.
The withdrawal of the ratings previously assigned to JRG Re
reflects the close of the transaction in which James River Group
Holdings, Ltd. (JRG Holdings) [NASDAQ: JRVR] sold JRG Re to Fleming
Intermediate Holdings LLC.
AM Best’s procedure is for a final rating opinion to be produced
in conjunction with a rating withdrawal. However, a final rating
opinion could not be produced due to the lack of sufficient
forward-looking financial information needed to complete the
analysis.
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 Performance
Assessments, 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. For more information,
visit www.ambest.com.
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Gordon McLean Senior Financial Analyst +1 908 882
2109 gordon.mclean@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Edin Imsirovic Director +1 908 882 1903
edin.imsirovic@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com