Best’s News & Research Service - April 21, 2022 01:28 PM (EDT)
AM Best Maintains Under Review With Positive Implications Status for Credit Ratings of Nagico Holdings Ltd’s Main Subs
- April 21, 2022 01:28 PM (EDT)
Oldwick //BestWire// - AM Best has maintained the under review with positive implications status for 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).
Nagico’s Credit Ratings (ratings) were placed under review with positive implications on July 27, 2021. This rating action followed Nagico’s announcement that the group had entered into a definitive agreement whereby Peak Reinsurance Company Limited (Peak Re) will acquire the remaining 50% of Nagico’s outstanding shares; Peak Re already owned 50% of Nagico.
This transaction is still awaiting regulatory approval. The ratings will remain under review until the transaction is completed successfully, all customary regulatory approvals are received, and AM Best evaluates Nagico’s role in the Peak Re organization. The AM Best analytical team will continue to monitor the course of this transaction, as well as Nagico’s rating fundamentals, until the transaction closes and provide updates if conditions warrant.
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.