AMSTERDAM--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Stonefort Insurance S.A. (Stonefort Insurance) (Luxembourg), a subsidiary of HOCHTIEF Aktiengesellschaft (HOCHTIEF), a large Germany-based construction company, which is majority owned by ACS, Actividades de Construcción y Servicios, S.A.
These Credit Ratings (ratings) have been placed under review with negative implications following the company board’s recent decision to place Stonefort Insurance into run-off.
Stonefort Insurance’s sister company, Stonefort Reinsurance S.A., will continue to provide reinsurance support during the run-off process.
The ratings of Stonefort Insurance will remain under review until AM Best has more clarity on the company’s run-off plans.
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