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Positive rating triggers would be an increase in NCIC s surplus and improvement in its risk-adjusted capitalization.
Key rating triggers that could lead to a downgrade of MKL's ratings include: material underperformance of newly acquired Alterra businesses, and a material deterioration in underwriting or balance sheet strengths.
Any treaties with rating triggers represent a de minimus amount of our in-force business.
Specific areas requiring close attention in the due diligence process were the asset/liability measurement tests, income acceleration, hedge identification, tax indemnities and gross ups, acceleration clauses, and rating triggers.
Key rating triggers that could lead to a downgrade are continued adverse reserve development similar in level to the last two years, a deterioration of net leverage to greater than 2.
Negative rating triggers could include prolonged adverse operating results that are exacerbated by a series of large catastrophic events.
Investors can also view the latest monthly performance report including rating triggers, industry concentrations, WARF, weighted average spread, diversity score and OC ratios.
Key rating triggers that could lead to an upgrade are: GAAP interest coverage of 6x to 8x; financial leverage below 20% and RBC maintained at or above current levels.
Key rating triggers that could lead to a downgrade include prolonged underwriting weakness, demonstrated by a failure to produce an underwriting profit given normal catastrophe losses, and a material deterioration in current balance sheet strengths.
Key rating triggers that could result in a downgrading of the ratings include a precipitous decline in the companies' risk-adjusted capital strength.
Key rating triggers that could result in positive rating actions would be TP Re meeting and/or exceeding its business plan over the long term.