AM Best Co. has withdrawn the financial strength rating (FSR) of A (excellent) and issuer credit rating (ICR) of "a" of Platinum Re (UK) Ltd. and assigned an NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR.

The ratings actions reflect the completion of the transfer of all remaining liabilities to Platinum UK's former affiliated company, Platinum Underwriters Bermuda,Ltd.

In 2007, Platinum Underwriters Group ceased writing new business out of its UK offices and entered into a 100 percent quota share of any-and-all unpaid liabilities incurred by Platinum UK's reinsurance business with Platinum Bermuda.

This was part of the group strategy to make Platinum Bermuda the core international and property catastrophe business writer.

In 2008, Platinum UK received approval from the UK Financial Services Authority (FSA) to implement a novation program. The novation program sought the individual agreement of each of its cedants to novate all of the existing and future liabilities arising under all reinsurance contracts to Platinum Bermuda. This program was completed in 2009, and the FSA granted Platinum UK's application to withdraw its insurance company license.