A.M. Best has issued a comment on the Jan. 5, 2005 sale by the Radian Group Inc. of its 36 percent share of Bermuda-based Exporters Insurance Company Ltd.’s parent company, EIC Corporation Ltd. (EIC) to Island Partners LLC, an affiliate of Ecoban Finance Limited LLC.
“This purchase will increase the share of Ecoban’s affiliates’ total ownership in EIC to 72 percent from 36 percent,” said Best. “It is the intent of Ecoban’s affiliates to build on the present operating structure and grow the business, while remaining committed to serving the current members of Exporters.”
The rating agency indicated that in its opinion, “this event does not affect the financial strength rating of ‘A-‘ (Excellent) of Exporters. The rating outlook is stable.”
Best also noted that “another Ecoban affiliate, ELF LLC, was one of the two leading common shareholders instrumental in the formation of EIC and has been active in directing the company since its inception in 1987.”
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