|[December 18, 2012]
A.M. Best Withdraws Ratings of Guilderland Reinsurance Company
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has withdrawn the financial strength rating of B++
(Good) and issuer credit rating of "bbb" of Guilderland Reinsurance
Company (GRC) (Albany, NY) due to its inactivity over the last two
years and the run off of its loss reserves.
Furthermore, the rating withdrawals are due to the dormancy of GRC since
all its policies and reserves have been cancelled, non-renewed or
allowed to expire and claims settled.
GRC is a wholly owned subsidiary of KnightBrook Insurance Company
(KBIC) (formerly Excess Reinsurance Company), which is a wholly owned
subsidiary of KnightBrook LLC. In July 2008, Excess Reinsurance
Company was acquired by KnightBrook LLC, and subsequently, the name was
changed to KnightBrook Insurance Company.
GRC has been in run off since 2006, and the current management and
ownership of the company continues to manage it in run off. A.M. Best
expects it to remain in run off with its liabilities and credit risk
fully suppoted both financially and administratively by KBIC.
A.M. Best remains the leading rating agency of alternative risk transfer
entities, with more than 200 such vehicles rated in the United States
and throughout the world.
For current Best's Credit Ratings and independent data on the captive
and alternative insurance market, please visit www.ambest.com/captive.
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"; "Alternative Risk Transfer (ART)"; "Understanding BCAR for
Property/Casualty Insurers"; and "Catastrophe Analysis in A.M. Best
Ratings." Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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 © 2012 by A.M. Best Company, Inc. ALL RIGHTS
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