A.M. Best Downgrades and Withdraws Ratings of FFG Insurance Company
21 Gennaio 2008 - 4:03PM
Business Wire
A.M. Best Co. has downgraded the financial strength rating (FSR) to
B+ (Good) from A- (Excellent) and the issuer credit rating (ICR) to
�bbb-� from �a-� of FFG Insurance Company (FFG) (Dallas, TX). The
outlook for all ratings is stable. Subsequently, A.M. Best has
withdrawn all ratings and assigned a category NR-3 (Rating
Procedure Inapplicable) to FFG as it has been effectively in run
off since November 30, 2006. The downgrades reflect the
deterioration in FFG�s risk-adjusted capitalization as a result of
its 2007 operating loss and resultant reduction in statutory
surplus. The ratings also consider the unlimited guarantee and
indemnification provided by FFG�s parent company, Aon Corporation
(Aon) (Chicago, IL) (NYSE: AOC), to Virginia Surety Company, Inc.
for the run off of the FFG reserves. For Best�s Ratings, an
overview of the rating process and rating methodologies, please
visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is
a global full-service credit rating organization dedicated to
serving the financial and health care service industries, including
insurance companies, banks, hospitals and health care system
providers. For more information, visit www.ambest.com.
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