A.M. Best Withdraws Ratings of Risk Assurance Company of Saint Peter's University Hospital
OLDWICK, N.J., Jul 18, 2008 (BUSINESS WIRE) — A.M. Best Co. has affirmed the financial strength rating of B+ (Good) and issuer credit rating of “bbb-” of Risk Assurance Company of Saint Peter’s University Hospital (RAC) (Cayman Islands). The outlook for both ratings is negative.
Concurrently, A.M. Best has withdrawn the ratings and assigned a category NR-4 (Company Request) to RAC. These rating actions reflect RAC management’s decision to withdraw from A.M. Best’s interactive rating process.
The affirmations recognize RAC’s good capitalization, experienced management team and conservative investment strategies. Partially offsetting these positive rating factors are the company’s fluctuating results, limited market scope, short operating history and high retention levels.
RAC provides hospital professional and general liability coverage for its parent company, Saint Peter’s University Hospital, and its affiliated entities.
A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world.
For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.
Founded in 1899, 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. For more information, visit www.ambest.com.
SOURCE: A.M. Best Co.
Copyright Business Wire 2008