Standard & Poor’s Ratings Services has placed its “BBB” long-term counterparty credit and insurer financial strength ratings on Oslo-based non-life insurer Bluewater Insurance ASA on CreditWatch with negative implications.
“The CreditWatch placement follows the announcement by Bluewater that it has entered into an agreement with Sweden-based insurer Tennant Insurance Group AB to acquire more than 90 percent of the shares in the group,” S&P explained.
“At this stage, we have little information about the proposed transaction,” stated S&P credit analyst Peter McClean. “Nevertheless, we hope to be in a position to resolve the CreditWatch placement following discussions with Bluewater’s management team, and in any case within a period of no more than 90 days,” he added.
Was this article valuable?
Here are more articles you may enjoy.
CopperPoint Insurance to Acquire Surety Specialist General Indemnity Group 
Three New HO Carriers and an Improving Condo Market in Florida, Reports Show 
Tampa Bay Rays and Local Officials Announce Tentative $2.3B Deal for New Ballpark 
US Personal Lines Insurers Ask for Less Rate After Period of Catch-Up 
