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FOR IMMEDIATE RELEASE
LONDON - MARCH 01, 2019 09:40 AM (EST)
AM Best has commented that following the close of the acquisition of GBGI Limited (GBGI) by Elm Bidco, L.P. (Bidco) on 20 February 2019, it awaits the company’s revised business plans, which will be used to evaluate the impact of the transaction on the Credit Rating fundamentals of GBG Insurance Limited (GBG) (Guernsey). AM Best expects to conclude this analysis within the coming two months.
On 9 November 2018, AM Best placed GBG’s Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of “bbb” under review with positive implications following the announcement on 5 November 2018, that Bidco and the board of GBGI reached agreement on the terms of a recommended all-cash offer, to be made by Bidco for the entire share capital of GBGI. Bidco is a Cayman Island exempted limited partnership that is controlled by affiliates of Further Global Capital Management, L.P., a private equity firm that invests in the financial services industry.
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