OCTOBER 17, 2019 04:09:18 Eastern Daylight Time
AM Best Comments on Credit Ratings of Sagicor Financial Corp Ltd and Sagicor Life Following Announced Acquisition Agreement
FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 17, 2019 04:09:18 Eastern Daylight Time
While the impact to Sagicor’s balance sheet is material given the size of the acquired blocks, AM Best notes that the company’s risk-adjusted capitalization will remain supportive of its current ratings. AM Best expects that the transaction will add a moderate amount of income to operating earnings. Financial leverage and interest coverage should remain within AM Best’s expectations for the current rating levels. The transaction is expected to close in 2020, pending regulatory approval and other customary closing conditions.
Sagicor Life Inc. has a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-”. Its ultimate parent, Sagicor Financial Corporation Limited has a Long Term ICR of “bbb-”. The outlook of these ratings remains stable.
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AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry.