AM Best has placed under review with negative implications the financial strength rating of B (Fair) of Sorford Surety Insurance, the IBT Group's captive.
IBT Group is a subsidiary of Eurofinsa. Both Eurofinsa and IBT are members of a multinational group of companies that specialise in the development, design, construction, equipment and finance of public infrastructure projects around the world.
The rating action reflects the uncertainty of the company’s fundamental business strategies and management’s lack of communication and silence relating to the interactive rating process, according to AM Best.
The under review status with negative implications reflects AM Best’s concern with the implementation and execution risk of its business plans and the uncertainty as to the final outcome of the ratings.
The ratings will remain under review for up to 30 days while AM Best attempts to meet with management to collate the necessary information required to assess the company’s rating fundamentals, including further clarity around its execution plan, new business initiatives, its defined role within the IBT Group, any synergies to be garnered and the implicit and explicit support to be provided by its parent and member affiliates. The ratings will be withdrawn if management fails to engage in the interactive rating process.
AM Best, Sorford Surety Insurance, Eurofinsa, IBT Group, North America, Bermuda