A.M. Best withdraws ratings of Elwood Insurance Limited
A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and issuer credit rating of "bbb+" of Elwood Insurance Limited. The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings at the company's request following a change in its focus towards more intra-group business.
The rating affirmations reflect Elwood's excellent risk-adjusted capitalization, history of positive operating performance, conservative loss reserving practices and effective management of exposures.
Partially offsetting these positive rating factors is the result of Elwood's ultimate parent, Celanese Corporation's [NYSE: CE] balance sheet leverage, which acts as a constraint on Elwood's ratings profile. Additional offsetting rating factors is Elwood's exposure to some low frequency, high severity hazards in its risk profile, coupled with high gross limits and high net retentions.
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