OLDWICK, N.J. - (Business Wire) A.M. Best Co. has assigned a financial strength rating of A+ (Superior) and issuer credit rating of “aa-” to Queen’s Island Insurance Company, Ltd. (Queen’s Island) (Hamilton, Bermuda). The outlook assigned to both ratings is stable. The ratings largely reflect the explicit support provided to Queen’s Island by an affiliate, Berkley Insurance Company (Wilmington, DE), in the form of an aggregate stop loss reinsurance contract, which limits any single calendar year operating loss, and a net worth maintenance agreement with its parent, W.R. Berkley Corporation (WRB) (Greenwich, CT) [NYSE: WRB].
Queen’s Island is registered as a Class 3A insurer by the Bermuda Monetary Authority in accordance with the Bermuda Insurance Act of 1978. The company writes excess transportation liability coverage for a selection of WRB clients and punitive damages wrap policies for directors’ and officers’ liability insurance.
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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.
A.M. Best Company
Analysts
David S. Blades, CPCU, 908-439-2200, ext. 5422
david.blades@ambest.com
or
Joseph M. Roethel, 908-439-2200, ext. 5630
joseph.roethel@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
