Rating agency AM Best has withdrawn its ratings of Bermuda-based The Stuart Insurance Group.
This follows a request by Stuart to no longer participate in AM Best’s rating process.
The request comes after AM Best affirmed the company’s financial strength rating of A- (Excellent) and issuer credit rating of ‘a-’ which have now been withdrawn.
“The ratings reflect Stuart’s excellent risk-adjusted capitalisation, strong operating performance, solid strategic relationship with its sponsoring shareholder and its established presence as an alternative market vehicle,” said the rating agency.
AM Best added that the companion also benefits from its partnership with Liberty Mutual Group (LMG) as part of the overall services provided to the ultimate client participating in the rent-a-captive program.
These strengths were partially counteracted by Stuarts dependence on one source for the business it receives and its fairly small insured base.
AM Best, The Stuart Insurance Group, North America, Asia-Pacific