ICON Reinsurance kicks up a fuss
ICON Reinsurance will not be participating in A.M. Best’s rating process after the company revised ICON’s outlook to negative from stable.
A.M. Best also affirmed the financial strength rating of B (fair) and issuer credit rating of “bb+” of the Cayman Islands company.
The negative outlook is based on A.M. Best’s concerns regarding ICON’s coal reserve holdings and the effect on its risk-adjusted capitalisation and cash flows. The rating affirmations reflect ICON’s experienced management team and the steady growth of retained earnings.
