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FOR IMMEDIATE RELEASE
OLDWICK - JULY 27, 2021 04:27 PM (EDT)
AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of the two operating subsidiaries of Nagico Holdings Limited – National General Insurance Corporation (NAGICO) N.V. (St. Maarten) and Nagico Insurance Company Limited (Anguilla) (collectively referred to as Nagico).
This Credit Rating (rating) action follows Nagico’s announcement on July 27, 2021 that the group has entered into a definitive agreement whereby Peak Reinsurance Company Limited (Peak Re) will acquire the remaining 50% of Nagico’s outstanding shares. Peak Re currently owns 50% of Nagico.
The positive implications status reflects AM Best’s expectation that Nagico will benefit from the financial strength of Peak Re as it integrates into the group. The transaction is targeted to close prior to the end of 2021.
The ratings will remain under review until the transaction closes, all customary regulatory approvals are received and AM Best evaluates Nagico’s role in the Peak Re organization.
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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.