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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 16, 2021 11:23 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) to the $400 million 5.3% senior unsecured notes due May 13, 2028, of Sagicor Financial Company Ltd. (Bermuda). The outlook assigned to this Credit Rating (rating) is stable. All other ratings of Sagicor Financial Company Ltd. and its insurance subsidiaries remain unchanged.
Sagicor Financial Company Ltd. is using the proceeds for the repurchase of the outstanding aggregate principal amount of $318.1 million of the 8.875% senior notes due 2022 issued by its subsidiary, Sagicor Finance (2015) Limited, and for general corporate purposes. AM Best notes that proforma financial leverage and interest coverage metrics remain at appropriate levels.
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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.