Best Assigns ‘bbb’ Rating to Amlin Bonds

A.M. Best Co. announced that it has assigned a “bbb” rating to the $50 million fixed to floating rate subordinated bonds due 2019 issued by the U.K.-based insurer Amlin plc. It also assigned an issuer credit rating of “bbb+” and noted that both ratings have a stable outlook.

The bonds have a coupon of 7.11 per cent and mature in 2019 but are redeemable in full by Amlin at any time after 10 years.

Best noted that “Amlin owns Amlin Underwriting Limited, the managing agency of Lloyd’s Syndicate 2001. A.M. Best has commented that the “A” (Excellent) Best’s Syndicate Rating and “a+” issuer credit rating of syndicate 2001 remain unaffected” (See IJ Website Nov. 24).