A.M. Best Europe – Rating Services Limited has commented that the financial strength rating of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 1084 the ICR of “bbb” of the UK’s Chaucer Holdings PLC (CHP) are unchanged following the announcement that the board of CHP has accepted an acquisition offer from The Hanover Insurance Group, Inc.
Best explained that the ratings of syndicate 1084 reflect Lloyd’s of London’s financial strength, which “underpins the security of all syndicates and is therefore unaffected by the potential acquisition.”
CHP’s ICR, which provides 95 percent of the capacity of syndicate 1084 through its corporate member, is also “unaffected reflecting its unchanged operational structure and the comparable ICR of “bbb” of Hanover, the acquiring holding company,” said Best; adding that it will continue to monitor the transaction.
Best also issued a bulletin on The Hanover’s ratings, indicating that they would not be changed as a result of the acquisition
Source: A.M. Best
Topics Excess Surplus Lloyd's
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