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FOR IMMEDIATE RELEASE
LONDON - FEBRUARY 01, 2024 12:09 PM (EST)
AM Best has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Folgate Insurance Company Limited (Folgate) (United Kingdom).
The action on these Credit Ratings (ratings) follows the announcement on 1 February 2024, that Folgate has been acquired by affiliates of Hadron Specialty Insurance Company (Hadron). Hadron is an insurance carrier formed in the United States in 2023, which provides insurance capacity to managing general agents.
The under review with positive implications status reflects the anticipated improvements in Folgate's rating fundamentals that are associated with Hadron's business plan to materially grow the entity and provide implicit and explicit financial support. Folgate is expected to be strategically important to Hadron as a principal writer of business in the United Kingdom.
The ratings will remain under review until AM Best can fully evaluate the impact of the change in ownership on Folgate’s rating fundamentals.
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 specialising 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.