Best’s News & Research Service - July 24, 2018 09:03 AM (EDT)
A.M. Best Comments on Under Review Status of Validus Holdings, Ltd. After Close of Acquisition by American International Group
- July 24, 2018 09:03 AM (EDT)
Oldwick //BestWire// - 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.
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