(ADPnews) - Mar 10, 2011 - AM Best Europe-Rating Service Ltd set on Wednesday a financial strength rating (FSR) of B+ (good) and an issuer credit rating (ICR) of "bbb-" to Guernsey-based GBG Insurance Ltd.
Both ratings carry a "stable" outlook.
The ratings of GBG reflect the company's adequate level of prospective risk-adjusted capitalisation, good anticipated financial performance and modest business profile, the service specified. Offsetting the rating is a relatively high level of debt within its ultimate parent, Saxon Lane, the agency noted.
A.M. Best considers that GBG's capital base of USD 11.4 million (EUR 8.2m) is supported by a conservative …
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