|[January 10, 2013]
A.M. Best Affirms Ratings of Liffey Reinsurance Company Limited
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has affirmed the financial strength rating of A-
(Excellent) and issuer credit rating (ICR) of "a-" of Liffey
Reinsurance Company Limited (Liffey Re) (Dublin, Ireland). The
outlook for both ratings is stable.
The ratings reflect Liffey Re's solid capitalization, strong operating
results and its experienced management team that has an in-depth
knowledge of the markets in which it operates. Offsetting these positive
rating factors is the company's limited business profile as it currently
only assumes business from its parent, QBE del Istmo
Reinsurance Company, Inc.
The reinsurance business Liffey Re assumes on a retrocession quota share
basis, includes personal accident, fire, auto, marine cargo and fidelity.
The company's enterprise risk management framework is fully aligned with
tht of its parent and includes oversight by executive committees and
the Board of Directors.
Positive rating actions may be considered in the long term if Liffey Re
maintains strong operating results and capitalization levels.
Negative rating actions may occur if the company grows excessively or if
operating results or capitalization deteriorates significantly.
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Key criteria utilized include: "Risk
Management and the Rating Process for Insurance Companies"; "Rating
Members of Insurance Groups"; "Understanding Universal BCAR"; and
"Evaluating Country Risk." Best's Credit Rating Methodology can be found
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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