AM Best withdraws ratings of 777 Re
AM Best has withdrawn the financial strength rating of C- and the long-term issuer credit rating of “ccc-” of Bermuda-based 777 Re.
At the time of the withdrawal, these Credit Ratings (ratings) were under review with negative implications.
“AM Best’s policy is for a final rating opinion to be completed in conjunction with a rating withdrawal,” the rating agency said. “However, due to the absence of any insurance liabilities by the Bermuda reinsurer and the company’s forthcoming plans to cease insurance activity, a final rating update was not able to be completed.”
In May parent company 777 Partners called in turnaround and crisis management experts B Riley Advisory Services to help the company deal with accusations of fraud and the unravelling of the reinsurance financing that underpinned many of its acquisitions, the Financial Times reported.
777 Partners was in talks to buy Everton Football Club in the UK. Talks have now collapsed.
777 Re saw its rating cut to C- by ratings agency AM Best in February and was then taken under administrative control by the Bermuda Monetary Authority.
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