A.M. Best Co. announced that it has placed the financial strength and issuer credit ratings of “A-” (Excellent) and “a-”, respectively, of Bermuda-based Imagine Insurance Company Limited under review with negative implications.
“These rating actions follow the announcement by The Imagine Group, that its insurance subsidiary, Imagine, has completed the acquisition of Danish Re (Bermuda) Ltd.,” said Best [See IJ Website Feb.24]. Best does not currently rate Danish Re.
“The ratings will remain under review pending discussions with Imagine’s management and an evaluation of the risk profile and capital requirements to support the Danish Re business assumed by Imagine,” the announcement continued. “Should A.M. Best conclude that this transaction does not have a significant impact on Imagine, the current rating will likely be affirmed with a stable outlook. A.M. Best expects to commence discussions with Imagine’s management and conclude its analysis in the short term.”
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