AM Best downgrades Istmo unit after regulatory action

AM Best has downgraded the financial strength rating of Istmo Re
unit Aseguradora del Istmo from B++ (Good) to E and the
subsidiary's long-term issuer credit rating from bbb to e
following a review initiated when it slashed the parent company
ratings in December.
AM Best also withdrew the rating for captive Liffey
Reinsurance.
The Panama insurance regulator seized control of Istmo Re in
December. Shortly after, AM Bestdowngraded the parent entity's rating from B to E and the...