OLDWICK, N.J., February 16, 2024–(BUSINESS WIRE)–Fourth paragraph, first sentence of release should read: The company is working with the Bermuda Monetary Authority to reduce its exposure to affiliated assets, which is the primary driver of the material decline in its risk-adjusted capitalization.
The updated release reads:
AM BEST DOWNGRADES CREDIT RATINGS OF 777 RE. LTD.; MAINTAINS UNDER REVIEW WITH NEGATIVE IMPLICATIONS STATUS
AM Best has downgraded the Financial Strength Rating to C- (Weak) from B (Fair) and the Long-Term Issuer Credit Rating to “ccc-” (Weak) from “bb” (Fair) of 777 Re. Ltd. (Hamilton, Bermuda). Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings).
The ratings reflect 777 Re. Ltd.’s balance sheet strength, which AM Best assesses as very weak, as well as its marginal operating performance, very limited business profile and weak enterprise risk management.
The rating action reflects a revision in 777 Re. Ltd.’s balance sheet strength assessment to very weak, due to a significant exposure to less liquid affiliated investments. Additionally, AM Best’s view of the company’s operating performance and…
