April 11, 2021
Business News

AM Best Downgrades Credit Ratings of American Millennium Insurance Company and Citadel Reinsurance Company Limited; Maintains Under Review With Negative Implications Status

OLDWICK, N.J.–()–AM Best has downgraded the Financial Strength Rating (FSR) to C- (Weak) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “cc” from “b+” of American Millennium Insurance Company (AMIC) (Bridgewater, NJ), a wholly owned subsidiary of Citadel Reinsurance Company Limited (Citadel Re) (Hamilton, Bermuda). Additionally, AM Best has downgraded the FSR to B (Fair) from B++ (Good) and the Long-Term ICR to “bb” from “bbb+” of Citadel Re. AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).

The ratings of AMIC reflect its balance sheet strength, which AM Best assesses as very weak, as well as its weak…

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