A.M. Best has placed IBT Group’s captive, Sorford Surety Insurance Company, under review with negative implications.
The rating agency has also given Sorford Surety, which is domiciled in Bermuda, the financial strength rating of “B (Fair)” and the issuer credit rating of “bb”.
Sorford Surety is a wholly owned subsidiary of IBT Group, which is a subsidiary of Eurofinsa.
IBT and Eurofinsa are members of a multinational group of companies that specialise in the development, design, construction, equipment and finance of public infrastructure projects.
The under review status reflects A.M. Best’s concern with the implementation and execution risk of its business plan and uncertainty to the final outcome of its ratings.
According to A.M. Best, the ratings will remain under review for 30 days while it attempts to collate necessary information required to assess the company’s rating fundamentals.
