BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
MADRID—A.M. Best Co. Inc. has downgraded its rating of MAPFRE Re, the reinsurance arm of MAPFRE S.A., because of concerns over the company’s exposure to investments in several peripheral eurozone economies, particularly Spain and Portugal.
The rating agency said Wednesday that the downgrade to A from A+ also reflects MAPFRE S.A.’s exposure to commercial property in Spain through its investments.
Best said the rating actions it has taken concerning MAPRE Re and other European insurers and reinsurers reflect their exposure to the continued deterioration of the sovereign creditworthiness of several countries that use the euro as their currency.
“The rationale for taking credit action at this point is largely attributable to the current heightened level of credit and liquidity risk for insurers operating within the eurozone countries—most notably Italy and Spain,” Best said in a statement.