Best’s News & Research Service - December 22, 2023 12:28 PM (EST)
AM Best Comments on Performance Assessment of Castel Underwriting Agencies Ltd and Subsidiary Following Announced Acquisition
- December 22, 2023 12:28 PM (EST)
Oldwick //BestWire// - AM Best has commented that the Performance Assessment (assessment) of PA-2 (Excellent) of Castel Underwriting Agencies Limited (Castel) (United Kingdom) and its subsidiary, Castel Underwriting Europe B.V. (Netherlands), is unchanged following its announced acquisition by Ryan Specialty [NYSE: RYAN].
Ryan Specialty and Castel jointly announced on Dec. 21, 2023, that Castel’s immediate parent company, Arch Financial Holdings (UK) Limited (Arch), has entered into definitive agreement under which Ryan Specialty will acquire Castel from Arch and Castel’s minority shareholders. Terms of the transaction were not disclosed. The acquisition is expected to close during the first half of 2024, subject to regulatory approvals and customary closing conditions.
Assuming the acquisition is completed as currently contemplated, AM Best does not expect the transaction’s execution to result in any immediate changes to Castel’s assessment. Nonetheless, AM Best will continue to monitor the situation.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, 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.