AM Best affirms Labuan Re after $55mn capital raise
Malaysian reinsurer Labuan Re has had its A- financial strength rating affirmed by AM Best after it successfully issued $55mn of subordinated bonds to shore up its capital position in the wake of bruising losses from last year's Thai floods.
AM Best removed the reinsurer from under review with negative implications and gave it a stable outlook.
The rating action follows Fitch's decision late last month to affirm Labuan's A- rating, albeit with a continuing negative outlook.
AM Best said...
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