Standard & Poor’s Ratings Services has followed up on its analysis of its ratings for Bermuda-based Ariel Reinsurance Co. Ltd. following the announcement that it is selling its Bermuda-based business to Arrow, a unit of Goldman Sachs, and its credit and surety business, based in Zurich, to Arch Capital.
S&P said its ratings on Ariel Re, currently ‘A-‘, but on CreditWatch with negative implications, “are not affected by the sale of its credit and surety business to Arch Capital Group Ltd.”
S&P added that a “transaction of this nature was already contemplated when we placed Ariel Re on CreditWatch Negative on March 1, 2012.”
Source: Standard & Poor’s
Was this article valuable?
Here are more articles you may enjoy.
St. Pete Mayor Accepts $275M Bid to Redevelop Tropicana Field Area for Housing 
Camp Mystic Seeks Bankruptcy to Settle Texas Flood Wrongful Death Claims 
Ford’s AI Hiccups Lead Carmaker to Rehire ‘Gray Beard’ Engineers 
Travelers Builds Insurance-Specific LLM 
