7 March 2013News

Arden Re and Arden Holdings have ratings affirmed

AM Best has affirmed the financial strength rating of Bermuda-domiciled, Arden Re and the issuer credit rating of its parent company, Arden Holdings.

Arden Re’s financial strength rating has been affirmed at A- (Excellent) and its issuer credit rating at “a-”, while its parent, Arden Holding’s issuer credit rating has been affirmed at “bbb-“.

Despite the sale of its insurance and reinsurance business to Goldman Sachs and of its Zurich-based credit and surety business to Arch Capital, AM Best indicated that Arden’s ability to assume business underwritten by its Lloyd’s syndicate, Atrium on a quota share basis remained attractive.

That business, coupled with a “strong level of risk-adjusted capitalisation, favourable operating performance and solid enterprise risk management capabilities” had led to the affirmation. AM Best said that the rating outlook for Arden was stable.