Best’s News & Research Service - February 13, 2024 01:43 PM (EST)
AM Best Comments on Credit Ratings of Hagerty Reinsurance Limited Following Consolidated National Insurance Company Acquisition Announcement
- February 13, 2024 01:43 PM (EST)
//BestWire// - AM Best has commented that the Credit Ratings (ratings) of Hagerty Reinsurance Limited (Hagerty Re) (Hamilton, Bermuda) remain unchanged following the announcement that Hagerty Insurance Holdings has entered into a stock purchase agreement with Everspan Insurance Company (Everspan) to acquire all the issued and outstanding capital stock of Consolidated National Insurance Company.
Hagerty, Inc. [NYSE: HGTY], the ultimate parent of Hagerty Re, announced its intention for Consolidated National Insurance Company to become a new carrier platform and provide a differentiated line of business, allowing it to continue to drive premium growth and retention of underwriting profits.
The acquisition is not expected to have any material impact on Hagerty Re’s balance sheet strength or any near-term material impact on the ultimate parent, Hagerty, Inc.
AM Best will continue to monitor the transaction through closing and potentially take rating action should any factor associated with the deal change materially.
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.