AM Best Changes Under Review With Negative Implications Status to Developing for Credit Ratings of Sirius International Insur...
2020年8月8日 - 2:18AM
ビジネスワイヤ(英語)
AM Best has changed the under review with negative
implications status to developing for the Financial Strength
Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings
(Long-Term ICR) of “a-” of Sirius Bermuda Insurance Company Ltd.
(Sirius Bermuda) (Bermuda), Sirius International Insurance
Corporation (publ) (Sirius International) (Sweden) and its
subsidiary Sirius America Insurance Company (Sirius America) (USA).
Additionally, AM Best has changed the under review with negative
implications status to developing for the Long-Term ICRs of “bbb-”
of Sirius International Insurance Group, Ltd. (SIIG) (Bermuda)
[NASDAQ: SG] and Sirius International Group, Ltd. (Bermuda), both
non-operating holding companies.
The ratings reflect SIIG’s consolidated balance sheet strength,
which AM Best categorises as very strong, as well as its strong
operating performance, neutral business profile and appropriate
enterprise risk management. The ratings of Sirius Bermuda, Sirius
International and Sirius America factor in their strategic
importance to SIIG.
The rating actions follow the announcement that SIIG has entered
into a definitive agreement to combine with Third Point Reinsurance
Ltd. in a cash and stock transaction, subject to customary closing
conditions, including regulatory approval. The ratings are under
review with developing implications, as AM Best needs to fully
assess the financial and operational impact of the transaction on
the rating fundamentals of SIIG and its rated subsidiaries. AM Best
expects to resolve the under review with developing implications
status after the close of the transaction, which is expected to
complete during the first quarter of 2021.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in New York, London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20200807005399/en/
Jessica Botelho-Young, CA Senior Financial Analyst
+44 20 7397 0310 jessica.botelho@ambest.com
Ghislain Le Cam, CFA, FRM Director, Analytics
+44 20 7397 0268 ghislain.lecam@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Public Relations +1 908 439
2200, ext. 5644 james.peavy@ambest.com
Sirius International Ins... (NASDAQ:SG)
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