OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has withdrawn the financial strength rating of B++ (Good) and issuer credit rating of “bbb” of Guilderland Reinsurance Company (GRC) (Albany, NY) due to its inactivity over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 supported 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.
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