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FOR IMMEDIATE RELEASE
OLDWICK - JULY 24, 2018 09:01 AM (EDT)
A.M. Best has commented that the under review with developing implications status, the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” and the Long-Term Issue Credit Ratings of Validus Holdings, Ltd. (Validus), as well as the Financial Strength Rating of A (Excellent) and the Long-Term ICR of “a” of Validus Reinsurance Ltd. (Validus Re) (headquartered in Hamilton, Bermuda) and its subsidiaries, remain unchanged. The subsidiaries are Western World Insurance Company, Stratford Insurance Company, Tudor Insurance Company (all headquartered in Parsippany, NJ) and Validus Reinsurance (Switzerland) Ltd. (Zurich, Switzerland).
This comment follows the close of American International Group, Inc.’s (AIG) [NYSE: AIG] acquisition of Validus and its subsidiaries on July 18, 2018. The Credit Ratings will remain under review until the strategic initiatives, including the executed reinsurance agreements between the Western World Insurance Group and AIG are finalized and the legal entity reorganization is completed. Additionally, A.M. Best will assess how these changes impact the new organization’s balance sheet, operating performance, business profile and enterprise risk management.
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.
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