A.M. Best Affirms Ratings of Beazley Insurance Company, Inc. [Professional Services Close – Up]
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The outlook for both ratings is stable.
The rating affirmations reflect BICI's solid stand-alone level of risk-adjusted capitalization as well as the extensive explicit support provided through quota share reinsurance agreements with Lloyd's Syndicate 3623, which is managed by
Partially offsetting these positive rating factors are the challenges BICI has faced in its initial years in operation while trying to establish itself in the very competitive specialty commercial insurance marketplace. These challenges have led to BICI falling short of its projected premium production and/or profitability targets in recent years. Subsequently, these adverse results have contributed to BICI exiting from unprofitable product offerings in an effort to improve its operating performance. Going forward,
While
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of
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A.M. Best Affirms Ratings of Four Beazley-Managed Lloyd’s Syndicates; Downgrades Beazley’s Issuer Credit Rating [Professional Services Close – Up]
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