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OLDWICK, N.J.--A.M. Best Co. Inc. has assigned a financial strength rating of A to Catlin Insurance Co. Inc. and has upgraded the financial strength rating of Catlin Specialty Insurance Co. to A from A-, the ratings agency said Friday.
The outlook for both ratings, however, is negative, due to Best's negative outlook on the companies' Bermuda-based parent, Catlin Insurance Co. Ltd., Oldwick, N.J.-based Best said.
While the ratings for both CSIC and CIC, based in Atlanta, reflect the significant quota share reinsurance support and credit risk protection provided by their parent, that is partially offset by challenges inherent in the operation of any company during its early states, Best said.
CIC will begin writing business in the third quarter of 2007, Best said.
CSIC commenced operations in 2004 as Wellington Specialty Insurance Co, which Catlin Group acquired in December and renamed CSIC.
According to Best, both CSIC and CIC will offer medical malpractice, inland marine, general liability and professional liability products, with CSIC writing in the nonadmitted market and CIC in the admitted market.