Lemma Insurance Company (Ukraine) has been downgraded by one notch with a negative outlook by AM Best, following the liquidation of sister company Lemma Europe and a related legal dispute.
The ratings agency said Lemma Ukraine may potentially face a claim of around EUR10mn for business underwritten by Lemma Europe in 2009 and 2010 that it reinsured, although liquidation and legal proceedings are still ongoing.
The issuer credit ratings of Lemma Ukraine were cut from bb+ to bb, however the...
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