CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - APRIL 17, 2019 03:27 PM (EDT)
AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Nationale Borg Reinsurance N.V. (NBR) (Willemstad, Curacao). This rating action follows the announcement that NBR will be acquired by Liberty Mutual Insurance (Liberty Mutual) as part of a transaction under which the global surety and credit reinsurance operations of AmTrust Financial Services, Inc. (AmTrust) will be sold to Liberty Mutual. The Credit Ratings (ratings) of AmTrust, including its Long-Term Issue Credit Ratings, and those of its other subsidiaries are unchanged by this action.
The sale of NBR is expected to close during the second half of 2019. The positive implications reflect the potential for positive action on NBR’s ratings following the close and the completion of AM Best’s assessment of Liberty Mutual’s future plans for NBR.
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.