LONDON--(BUSINESS WIRE)--A.M. Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg). Barents Re Lux is a start-up company established by its ultimate parent, Barents Re Reinsurance Company, Inc. (Barents Re Panama) (Panama), with the aim of expanding its reinsurance business in Europe.
The ratings have been placed under review with negative implications due to significant deviations between Barents Re Lux’s initial forecast and business plan as presented to A.M. Best as part of the first rating review and the forecast and business plan presented to A.M. Best during the 2017 review. A.M. Best believes that these changes could have a negative impact on the company’s rating fundamentals.
The ratings will remain under review while A.M. Best completes its assessment of the impact of the revised forecast and business plan on Barents Re Lux’s ratings. A.M. Best expects to resolve the under review status in three to six months.
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