ACP Re Ltd., a Bermuda reinsurance company with multiple property/casualty subsidiaries, is finding its A.M. Best ratings under review with negative implications.

A.M. Best said the “under review status” stems from its concern about the late filing of ACP Re’s financial statements, and its “future business plans.”

The financial strength rating of A- (Excellent) and the issuer credit ratings of “a-” are under review for ACP Re and its reinsured subsidiaries: CastlePoint Florida Insurance Company, CastlePoint Insurance Company, CastlePoint National Insurance Company, Hermitage Insurance Company, Massachusetts Homeland Insurance Company, North East Insurance Company, Preserver Insurance Company, Tower Insurance Company of New York, Tower National Insurance Company and York Insurance Company of Maine.

ACP Re acquired struggling reinsurer Tower Group International and its subsidiaries in September 2014. The deal was a complex one well beyond ACP Re’s acquisition of Tower. Also, National General Holdings Corp. (part owner of ACP Re along with the founder of AMTrust Financial Services Inc. and Maiden Holdings Ltd., viea a trust) closed its purchase of Tower’s personal lines business.

A.M. Best upgraded the financial strength ratings of Tower and its subsidiaries after the ACP Re acquisition went through, because the M&A deal helped ease Tower’s debt issues.

Source: A.M. Best