A.M. Best Withdraws Ratings of Sunderland Marine Insurance Company Limited

LONDON--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Sunderland Marine Insurance Company Limited (SMI) (United Kingdom). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.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 ratings reflect SMI’s generally good technical performance and excellent risk-adjusted capitalisation, as well as the company’s strong stand-alone business profile. The ratings also reflect the benefit to SMI of the merger with The North of England Protecting and Indemnity Association Limited (North) (United Kingdom), which was completed on 28 February 2014. The merger provides SMI with access to a wider client base and is likely to lead to a number of business synergies, which are ultimately expected to support the business profile and future operating performance of SMI. In particular, new and existing policyholders benefit from an unconditional guarantee provided by North.

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. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilised:

• Rating Members of Insurance Groups
• Risk Management and the Rating Process for Insurance Companies
• Understanding Universal BCAR

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

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 © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best
David Drummond, +(44) 20-7397-0327
Senior Financial Analyst
[email protected]
or
Catherine Thomas, +(44) 20-7397-0281
Director, Analytics
[email protected]
or
Christopher Sharkey, +(1) 908-439-2200, ext. 5159
Manager, Public Relations
[email protected]
or
Jim Peavy, +(1) 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best Company, Inc.

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