AM Best places Stonefort ratings under review

AM Best has placed under review with negative implications the financial strength rating of A- and the long-term issuer credit rating of “a-” of Stonefort Insurance.

Stonefort is a subsidiary of HOCHTIEF Aktiengesellschaft, a large Germany-based construction company, which is majority owned by ACS, Actividades de Construcción y Servicios.

These credit ratings have been placed under review with negative implications following the company board’s recent decision to place Stonefort Insurance into run-off.

Stonefort Insurance’s sister company, Stonefort Reinsurance S.A., will continue to provide reinsurance support during the run-off process.

The ratings of Stonefort Insurance will remain under review until AM Best has more clarity on the company’s run-off plans.