Press Release - MARCH 14, 2019
AM Best Places Credit Ratings of Ironshore Europe Designated Activity Company Under Review With Negative Implications
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 14, 2019
The Credit Rating (rating) actions follow the March 14, 2019, announcement that Ironshore Europe’s ultimate parent, Liberty Mutual Holding Company Inc. (LMHC), has reached an agreement to sell Ironshore Europe, along with Pembroke Managing Agency Limited (United Kingdom) and Visionary Underwriting Agency Limited (United Arab Emirates), to Hamilton Insurance Group, Ltd. (Hamilton) (Pembroke, Bermuda).
Should the transaction be completed as currently contemplated, AM Best could downgrade Ironshore Europe’s ratings to be commensurate with Hamilton’s ratings, following the completion of AM Best’s assessment post-transaction close.
If Ironshore Europe’s acquisition by Hamilton is not completed as currently contemplated, AM Best could downgrade Ironshore Europe’s ratings to reflect AM Best’s view of Ironshore Europe’s stand-alone credit profile. Ironshore Europe’s current Long-Term ICR of “a” reflects its inclusion as a member of the Liberty Mutual Insurance Companies rating unit. Ironshore Europe is a member of the Liberty Mutual Insurance Companies rating unit due to its role in the ultimate parent company’s operations and the implicit and explicit support afforded it under a guarantee agreement in place with Liberty Mutual Insurance Company. AM Best would re-evaluate Ironshore Europe’s strategic role should the sale to Hamilton not be completed.
AM Best’s ratings for all other entities within the LMHC enterprise are unaffected by this transaction.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.