Standard & Poor’s Ratings Services announced that it has extended its CreditWatch with negative implications on Ironshore Inc. and Ironshore Holdings (U.S.) Inc. for another 90 days. A.M. Best took a similar position last week.
S&P said it is continuing “to review the company following the announcement on May 3, 2015, that Ironshore Inc. and Fosun International Ltd. (Fosun) have entered into a definitive agreement for Fosun to acquire the remaining interest in Ironshore that it does not already own (about 80 percent). The transaction is still awaiting regulatory approvals.”
The rating agency said it would also “continue to monitor details of the transaction, the regulatory approval process, and Ironshore’s future business strategy, including capital management, investment strategy, growth, and the composition of the board of directors. We expect to resolve or update the CreditWatch placement within the next 90 days.”
Source: Standard & Poor’s Ratings Services
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