A.M. Best Withdraws Ratings of XL Lloyds Insurance Company

A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a” of XL Lloyds Insurance Company (XL Lloyds) (Dallas, TX) and assigned an NR-5 to the FSR (Not Formally Followed) and an “nr” to the ICR.

These rating actions follow the recent decision by the ultimate parent, XL Capital Ltd. (NYSE: XL), to dissolve XL Lloyds and transfer all assets and liabilities to its affiliated company, XL Specialty Insurance Company (XL Specialty).

XL Lloyds was established in 2004 to write commercial property catastrophe business in Texas. While in operation, XL Lloyds did not retain any business as all premiums and losses were ceded to XL Specialty under a whole account quota share agreement.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

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