A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) of Clarendon Insurance Group (Clarendon) (Wilmington, Del.) and its property/casualty affiliates. The outlook for the rating is stable.
The downgrade of Clarendon reflects the recent downgrade of its parent, Hannover Rueckversicherungs AG (Hannover Re) (Germany) to A (Excellent) from A+ (Superior) and the elevated credit risk maintained by Clarendon due to its above-average reinsurance recoverables. A.M. Best is concerned with the general decline in credit quality of the reinsurance sector, to wh...
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