"A'' (Excellent) rating by A.M. Best Co.

"The rating reflects Western General's evolution from a single-parent associated company to a third-party insurer and reinsurer with a major presence in the Bermuda and international insurance communities,'' the agency stated in a press release.

The company was set up in Bermuda in 1980 to underwrite the business of Chicago-based Marmon Group, a $6 billion industrial conglomerate.

President John Marion told The Royal Gazette the company was now using a "targeted relationship approach'' to underwrite business for about ten other companies.

"This is not a change of business plan to broaden the client base,'' he said.

The major sources of the company's premium income and underwriting profits are now its investment in Catlin Underwriting Agency and its Lloyds syndicates, as well as a 35 percent ownership of Commercial Risk Partners.

A.M. Best cited Western's consistent favourable operating results and underwriting profits for its own portfolio as a factor in the rating.

Policyholder's surplus has increased 151 percent over the past five years and return on revenue has averaged 22 percent over the same period.