Losses and increased uncertainty at the Salama/IAIC group's largest subsidiary, BEST RE (L), weigh on the business and financial risk profiles of the consolidated group. Consequently, we are lowering the core group rating profile, and therefore the ratings on Salama/IAIC itself, to 'BBB+' from 'A-'. Under our recently revised criteria for rating insurers, we regard the Salama/IAIC consolidated group's business risk profile as satisfactory, and its financial risk profile as strong. The negative outlook reflects our concern that any material worsening of either the business risk or financial risk profiles at BEST RE may increase the volatility of the group's capital and earnings, and may further damage the reputation of the group as a whole. LONDON (Standard&Poor's) Aug.
