Press Release - MARCH 14, 2018
A.M. Best Comments on Credit Ratings of Canopius Reinsurance AG and Canopius US Insurance Following Announced Ownership Change
FOR IMMEDIATE RELEASE
LONDON - MARCH 14, 2018
The Credit Ratings (ratings) were placed under review with negative implications in September 2017 following the announcement that ownership of Canopius AG would change from SOMPO Holdings Inc., whose main operating subsidiary — Sompo Japan Nipponkoa Insurance Inc. (SJNKI) — currently has a Long-Term ICR of “aa-”, to the private equity consortium. It was subsequently announced on 9 March 2018 that the acquisition had been completed. Canopius Re and Canopius US had previously benefited from explicit financial support from SJNKI. SJNKI will continue to guarantee the payment of claims on policies assumed by Canopius Re prior to 1 January 2018.
A.M. Best continues to discuss with management their evolving business plans and the subsequent implications on the financial strength of Canopius Re and Canopius US. A.M. Best expects to resolve the under review status on the ratings in the coming weeks.
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