777 Re affirmed by AM Best
AM Best has removed from under review with developing implications and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of Bermudian-based 777 Re Ltd.
The ratings agency has taken the same steps with respect to Sutton Specialty Insurance Company and Sutton National Insurance Company of Oklahoma City, and Merit Life Insurance Co of Austin, Texas.
The outlook assigned to these credit ratings is stable.
Sutton Specialty, Sutton National, Merit and 777 Re were placed under review following the April 1 announcement that Brickell PC Insurance Holdings LLC, the parent of Sutton Specialty and Sutton National, would acquire the remaining shares in Bermudian-based Randall & Quilter Investment Holdings Ltd that it did not own, subject to shareholder and regulatory approval.
However, last week it was announced shareholders had rejected the proposal.
Now that the proposal will not be completed, AM Best said, it had removed the ratings of Sutton Specialty, Sutton National, Merit and 777 Re Ltd from under review with developing implications.
The agency said the ratings of 777 Re Ltd reflected its balance sheet strength, which AM Best assessed as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
777 Re is a Bermudian-based reinsurer that offers reinsurance on active and run-off blocks of life insurance and annuity business.