OCTOBER 15, 2021 09:30 AM (EDT)
AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Humboldt Re Limited
|William Keen-Tomlinson |
Senior Financial Analyst
+44 20 7397 4395
Senior Director, Analytics
+44 20 7397 0281
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
LONDON - OCTOBER 15, 2021 09:30 AM (EDT)
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Humboldt Re Limited (Humboldt Re) (Guernsey). Concurrently, AM Best has withdrawn the Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.
Humboldt Re’s shareholders signed a sale purchase agreement in August 2021 to sell the company to a run-off specialist. The under review with negative implications status reflects AM Best’s uncertainty regarding the impact that the pending change in ownership will have on the company’s prospective financial strength. Further terms of the sale remain confidential.
Since Humboldt Re entered run off in December 2020, its underwriting exposures have reduced significantly and risk-adjusted capitalisation has increased. The company produced a small loss in the first half of 2021.
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 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.