AM Best goes negative on Ariel’s Valiant
Rating agency AM Best has revised its outlook on Bermudian reinsurer Ariel's start-up subsidiaries, Valiant Insurance and Valiant Specialty, from stable to negative, as soft market conditions in the US continue to hit the unit's premium volume.
Ariel Re bought admitted US insurer Valiant for $26mn in September 2007 from Zurich North America Commercial Group, and established a US-based insurance holding company, Valiant Insurance Group.
Softening underwriting conditions in the US are driving the sluggish results at Valiant. AM Best...
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