- 4,843
BK = Bankruptcy (Receivership) ... Settlers did not have divisions. Their problem was the result of a cancer product. On the life, they kept everything in house and did not reinsure. They decided to come out with a cancer product. It was a great product but had the potential to have substantial sized claims so they reinsured it. They laid it off with a Martin Frankel company which was an approved reinsurer. Too bad he was a crook. Took several companies down.
BTW, to all those that put a great deal of credence in an AM Best rating.. Your company may be rated A with Best but what are its reinsurers rated?
Good info Rouse. This is further proof that the AM Best rating is given much more credence than it really deserves.