AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa" (Superior) of FM Insurance Company Limited (FMI) (United Kingdom). FMI is a subsidiary of FM group. At the time of the withdrawal, the outlook of these Credit Ratings (ratings) was stable.
The withdrawal follows the company's request to no longer participate in AM Best's interactive rating process after it executed a Part VII transfer of its insurance assets and liabilities to its sister company, FM Insurance Europe S.A. (Luxembourg).
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 for FMI due to the absence of any insurance liabilities and its plans to discontinue its insurance activities.
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 specialising 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.
Copyright 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241206029864/en/
Contacts:
Fleur Ngassa
Financial Analyst
+44 20 7397 0285
fleur.ngassa@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Kanika Thukral
Associate Director, Analytics
+44 20 7397 0327
kanika.thukral@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
