OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has placed under review with negative implications the financial strength rating of B+ (Good) and issuer credit rating of “bbb-” of Cotswold Insurance Limited (Cotswold) (Anguilla, British West Indies). Cotswold is ultimately owned by ICZ Holdings N.V. (ICZ), a Netherlands company that is currently traded on the Berlin Stock Exchange. ICZ’s initial listing was with the Frankfurt Stock Exchange.
The under review status reflects the uncertainty regarding Cotswold’s overall financial condition given its evolving business strategy and the fact that year-end 2011 audited financial statements of ICZ and its operating subsidiaries have not been filed. The ratings will remain under review pending A.M. Best’s receipt of the 2011 audited financials as well as further discussions with Cotswold’s management team. Upon receipt, A.M. Best will review the financial condition of Cotswold and will determine whether its current ratings are appropriate.
The principal 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.
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