Best’s News & Research Service - August 25, 2022 03:28 PM (EDT)
AM Best Places Credit Ratings of Transverse Insurance Group’s Members Under Review With Positive Implications
- August 25, 2022 03:28 PM (EDT)
Oldwick //BestWire// - AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Transverse Specialty Insurance Company (Transverse Specialty) (Wilmington, DE) and Transverse Insurance Company (Transverse Insurance) (Dallas, TX). Transverse Specialty and Transverse Insurance are collectively referred to as Transverse Insurance Group.
The ratings of Transverse Specialty and Transverse Insurance have been placed under review with positive implications following the announcement on Aug. 10, 2022, that Mitsui Sumitomo Insurance Company, Limited, has entered into an agreement to acquire Transverse Insurance Group, LLC, the parent of the Transverse companies. The under review with positive implications status reflects the potential benefits Transverse would receive from the acquisition. The acquisition is pending approval of regulatory agencies and is expected to close in December 2022. The ratings will remain under review until the close of the transaction and AM Best obtains certainty of the depth and breadth of post-transaction details.
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 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.