Press Release - MARCH 01, 2019

AM Best Comments on Credit Ratings of GBG Insurance Limited


CONTACTS:
 Valeria Ermakova
Senior Financial Analyst
+44 20 7397 6264
valeria.ermakova@ambest.com

Tim Prince
Director, Analytics
+44 20 7397 0320
timothy.prince@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

FOR IMMEDIATE RELEASE

LONDON - MARCH 01, 2019
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.

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 Understanding 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 rating agency and information provider with a unique focus on the insurance industry.


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AMB# Company Name
071294 GBG Insurance Limited
058281 GBGI Limited