AM Best Downgrades Credit Ratings of IRB-Brasil Resseguros S.A.; Maintains Under Review With Negative Implications Status

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of IRB-Brasil Resseguros S.A. (IRB) (Brazil). Concurrently, AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings). The ratings reflect IRB’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business