AM Best Revises Under Review Status to Positive for Credit Ratings of Argus Group Holdings Limited and Its Subsidiaries
2024年7月3日 - 6:14AM
ビジネスワイヤ(英語)
AM Best has revised the implications of the under review
status to positive from developing for the Financial Strength
Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings
(Long-Term ICR) of “a-” (Excellent) of Argus Insurance Company
Limited and Bermuda Life Insurance Company Limited. Both companies
are subsidiaries of Argus Group Holdings Limited (Argus Group)
[BSX: AGH.BH]. Concurrently, AM Best has revised the under review
status to positive from developing for the Long-Term ICR of “bbb-”
(Good) of Argus Group. All companies are domiciled in Hamilton,
Bermuda.
The Credit Ratings (ratings) reflect Argus Group’s balance sheet
strength, which AM Best assesses as strongest, as well as its
adequate operating performance, limited business profile and
appropriate enterprise risk management.
The under review rating action on these credit ratings follows
Argus Group’s and BF&M Limited’s (BF&M) joint announcement
on June 28, 2024, that the two companies have signed a definitive
agreement in which BF&M and Argus Group will combine in an
all-stock transaction. Should this transaction close as announced,
Argus Group likely would benefit from the combined financial
strength and improved product and market diversification of the
combined entity.
Prior to completion of the merger, Argus Group, though a
subsidiary, intends to complete its acquisition of a 36.9% stake in
BF&M from Camellia Plc (Camellia) in accord with a previous
binding agreement. AM Best’s initial expectation is that the
combined entity’s balance sheet strength assessment will be
strongest — the assessed level currently given to Argus Group and
BF&M individually — despite the issuance of debt to facilitate
the acquisition of BF&M shares from Camellia.
The ratings will remain under review with positive implications
pending regulatory approvals from the Bermuda Monetary Authority
and the purchase of BF&M shares by Argus Group. This is
expected to occur late in the fourth quarter of 2024.
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 use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
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 London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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882 2106 john.mcglynn@ambest.com
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