Torus National Insurance Company has been assigned the financial strength rating of B+ (good) and issuer credit rating of "bbb-" under review with positive implications by AM Best Co.

The rating actions follow the completion of Torus National's July acquisition by Torus Specialty Insurance Company, a subsidiary of Torus Insurance Holdings Ltd., from TIG Insurance Company, a holding company that is ultimately owned by Fairfax Financial Holdings Ltd.

Torus National has been in run off since 2002, and its existing insurance liabilities are 100 percent reinsured by its former parent, TIG Insurance Company.

Torus National is expected to recommence trading in the third quarter of 2010, said the ratings agency.

The ratings of Torus National will remain under review until Best has assessed Torus group's plans for the company, including the level of financial support Torus will provide.