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Article: A.M. Best Affirms Rating of First Beacon Insurance Company.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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A.M. Best Co. has affirmed the financial strength rating of B++ (Good), downgraded the issuer credit rating to "bbb" from "bbb+" and revised the outlook to negative from stable for First Beacon Insurance Company (First Beacon) (Burlington, VT).
The ratings reflect First Beacon's robust capitalization, very low leverage measures, continued recent favorable operating performance and the strategic role it serves as a captive insurance company for Alcatel-Lucent (France) (NYSE:ALU), primarily for the parent's U.S. exposures. A.M. Best also notes the strength of First Beacon's management team, its well-developed plans to meet the continuing insurance needs of ...