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A.M. Best Withdraws Ratings of Colonial Life Insurance Company (Trinidad) LimitedSep 14, 2010 (Close-Up Media via COMTEX) -- A.M. Best Co. has withdrawn the financial strength rating of C (Weak) and issuer credit rating (ICR) of "ccc" of Colonial Life Insurance Company (Trinidad) Limited (CLICO) (Trinidad & Tobago) and assigned an NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR. According to a release, the ratings have been removed from under review with negative implications. CLICO is an insurance member company of CL Financial Limited (CL Financial), a diversified holding company based in Trinidad & Tobago. The rating actions reflect CLICO's management's decision to no longer participate in A.M. Best's interactive rating process. Despite repeated requests, A.M. Best has been unsuccessful in receiving updated financial information or satisfactory levels of dialogue with CLICO's new management. The information A.M. Best was requesting is necessary for A.M. Best to perform its analysis on the financial condition of the company. Given the lack of transparency, A.M. Best is withdrawing its interactive rating on the company effective immediately. The principal methodology used in determining these ratings is Best's Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a explanation of A.M. Best's rating process and highlights the different rating criteria employed. A.M. Best Company is 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. Methodologies: http://www.ambest.com/ratings/methodology ((Comments on this story may be sent to [email protected])) |