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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 16, 2021 01:42 PM (EDT)
AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Massy United Insurance Ltd. (Massy United) (Barbados).
This Credit Rating (rating) action follows the Sept. 2, 2021, announcement that the company’s parent, Massy Holdings Ltd., has entered into a share purchase agreement with Coralisle Group Ltd. (CG) to sell 100% of the share capital in Massy United. CG is a privately owned, multiline insurance group domiciled in Bermuda. The transaction is targeted to close in early 2022.
The ratings will remain under review until the transaction closes, all customary regulatory approvals are received across all jurisdictions in which Massy United operates and AM Best evaluates Massy United’s role within the CG organization.
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 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.