A.M. Best Co. announced that it has assigned a “bbb-” rating to the $15 million floating rate subordinated notes due in April 2034, issued by Brit Insurance Holdings PLC (BIH). Best also assigned an issuer credit rating of “bbb” to BIH. The outlook for both ratings is stable.
“BIH is the ultimate parent of Brit Insurance Limited (United Kingdom) (BIL),” Best said. “BIL’s financial strength rating is currently “A” (Excellent) reflecting the company’s capitalisation and performance prospects, its improved underwriting diversification and raised business profile.”
As an “offsetting factor,” Best noted that the company’s growth plans include the risks inherent in commencing underwriting several new classes of business. The outlook on the rating is stable.
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