AM Best withdraws credit ratings of Bermuda’s 777 Re
Updated: Jun 11, 2024 09:05 PM
777 Re’s registered offices on Victoria Street, Hamilton (Photograph by David Fox)
AM Best has withdrawn the financial strength rating of C- (Weak) and the long-term issuer credit rating of “ccc-” (Weak) of Bermudian-based 777 Re Ltd.
The ratings agency said: “At the time of the withdrawal, these credit ratings were under review with negative implications.
“AM Best’s policy is for a final rating opinion to be completed in conjunction with a rating withdrawal.
“However, due to the absence of any insurance liabilities by the Bermuda reinsurer and the company’s forthcoming plans to cease insurance activity, a final rating update was not able to be completed.”
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Published June 11, 2024 at 3:46 pm (Updated June 11, 2024 at 9:05 pm)
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