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A.M. Best Withdraws Ratings of ICON Reinsurance Ltd.

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating of B (Fair) and issuer credit rating of “bb+” of ICON Reinsurance Ltd (ICON) (Cayman Islands). Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The negative outlook is based on A.M. Best’s concerns regarding ICON’s coal reserve holdings and the effect on its risk-adjusted capitalization and cash flows. The rating affirmations reflect ICON’s experienced management team and the steady growth of retained earnings.

For current Best’s Credit Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Alternative Risk Transfer (ART)”; “Risk Management and the Rating Process for Insurance Companies”; “Understanding Universal BCAR”; “Catastrophe Analysis in A.M. Best Ratings”; and “Evaluating Country Risk.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best Co.
Scott Mangan
Financial Analyst
(908) 439-2200, ext. 5593
scott.mangan@ambest.com
or
Peter Dickey
Assistant Vice President
(908) 439-2200, ext. 5053
peter.dickey@ambest.com
or
Rachelle Morrow
Senior Manager, Public Relations
(908) 439-2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
james.peavy@ambest.com

Source: A.M. Best Co.