Hamilton: Global credit rating agency, AM Best, has withdrawn the financial strength rating of C+ (Marginal) and the long-term issuer credit rating of 'b-' (Marginal) of Bermuda's Berking Re Limited (Berking Re).

According to BERNAMA News Agency, AM Best stated that at the time of the withdrawal, the credit ratings were under review with negative implications. The rating withdrawals were a result of Berking Re's request, following its strategic decision to discontinue its participation in AM Best's interactive rating process.

AM Best explained that its procedure typically involves issuing a final rating opinion in conjunction with a rating withdrawal. However, in this instance, the lack of sufficient financial and business information prevented such an assessment.

Headquartered in the United States, AM Best operates in more than 100 countries and maintains regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City.