(From Insurance Day)
Byline: Symon Ross
RATINGS agency AM Best has assigned an initial financial strength rating of A- to Aspen Insurance, the Bermuda-based sister company of UK reinsurer Wellington Re.
The rating follows Standard & Poor (S&P)'s assignation of an A counterparty credit and financial strength rating, with stable outlook, to Aspen last week.
AM Best said that the rating reflects Aspen's excellent initial risk-based capital base, which stands at $200m; its prospective operating performance; and its importance as a significant source of group underwriting capacity. But the agency added that offsetting factors for Aspen's …