AM Best withdraws Arden Re ratings

AM Best has withdrawn the ratings of Arden Re. The reinsurer, whose insurance and reinsurance segments were sold to Goldman Sachs, had financial strength and issuer credit ratings of “A-“ and “a-“ respectively. Both ratings have been affirmed and removed from .

According to AM Best the sale of two Arden Re segments—its insurance and reinsurance  operations to Goldman Sachs and a Zurich-based credit and surety operation to Arch Capital—left the company a much smaller entity with a reduced risk profile. The limited business profile offset excellent risk-adjusted capitalisation, overall favourable operating performance and solid enterprise risk management capabilities.

Arden Re continues to assume the business underwritten by its Lloyd’s affiliate, Atrium 5 Limited, under an existing quota share arrangement that remains in force.