A.M. Best Comments on Ratings of IPC Holdings Ltd. and Its Subsidiaries
29 Junho 2009 - 1:01PM
Business Wire
A.M. Best Co. has commented that the financial strength
rating of A (Excellent) and issuer credit ratings of �a� of
IPCRe Limited (Bermuda) and IPCRe Europe Limited
(Dublin, Ireland), which are reinsurance subsidiaries of IPC
Holdings Ltd. (IPC) (Bermuda) (NASDAQ: IPCR), remain under
review with negative implications following the recent shareholder
vote to terminate a merger agreement with Max Capital Group
Ltd. A.M. Best also has maintained all debt ratings of IPC
under review with negative implications.
The under review status reflects the uncertainty with respect to
IPC�s future ownership and to a lesser extent, the pending
retirement of its long-standing Chief Executive Officer, Jim Bryce,
for whom a long-term successor is being sought.
At this time, IPC is being actively pursued by an outside
company whose intention is to acquire IPC with or without the
approval of IPC�s management or Board of Directors. IPC
shareholders have requisitioned IPC�s Board of Directors to hold a
special shareholders� meeting to vote on replacing the present
Board of Directors. Concurrently, IPC�s Board of Directors and
management continue to solicit potential bidders during this
period.
A.M. Best will maintain the ratings under review with negative
implications until IPC�s ownership position is stabilized, and A.M.
Best completes its analysis of the company�s strategic role as part
of another organization or as a stand-alone entity if no
transaction is completed.
For Best�s Credit Ratings, an overview of the rating process and
rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
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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