Standard & Poor’s Ratings Services announced that it has placed its “BBB” long-term counterparty credit and insurer financial strength ratings on Oslo-based non-life insurer NEMI Forsikring ASA (NEMI – formerly Norway Energy & Marine Insurance ASA) on CreditWatch with negative implications.
S&P said it had taken the move following the announcement that Iceland-based insurer Tryggingamidstödin hf (TM) has made a formal offer for the entire issued share capital of NEMI. “It is understood that TM has received pre-acceptances amounting to 68 percent of NEMI’s share capital,” S&P added.
“The CreditWatch placement reflects the uncertainties surrounding the transaction, including whether the offer will proceed,” stated S&P credit analyst Peter McClean. “Furthermore, the impact on NEMI of a successful bid is unclear, although in our opinion there would be some doubt as to the sustainability of a rating in the ‘BBB’ category based on a review of the public information available.”
S&P said it would “continue to monitor developments and update its rating opinion as further details emerge.”
Was this article valuable?
Here are more articles you may enjoy.
Satellite Data Reveals Hurricane Melissa Damage in Jamaica 
Insurers Begin Restricting Privacy Coverage in Response to Evolving Risk 
France Makes New Arrests in Louvre Heist; Jewels Still Not Found 
‘Catastrophic’ Hack Underscores Public Defender Security Gaps 
