AM Best has revised the under review status to developing from positive for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of the two operating subsidiaries of Nagico Holdings Limited – National General Insurance Corporation (NAGICO) N.V. (St. Maarten) and Nagico Insurance Company Limited (Anguilla) (collectively referred to as Nagico).
The Credit Ratings (ratings) reflect Nagico’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Nagico’s ratings were originally placed under review with positive implications on July 27, 2021. The rating action followed Nagico’s announcement that the group had entered into a definitive agreement whereby Peak Reinsurance Company Limited (Peak Re) would acquire the remaining 50% of Nagico’s outstanding shares; Peak Re already owned 50% of Nagico. The transaction is still awaiting completion of the regulatory approval process.
Given the length of time elapsed and the uncertainty as to timing of the closing of the transaction, AM Best is revising the under review implications status to developing from positive. The ratings will remain under review until the transaction is completed and all customary regulatory approvals are received. The AM Best analytical team will continue to monitor the course of this transaction, as well as Nagico’s rating fundamentals, until the transaction closes and provide updates if conditions warrant.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Senior Financial Analyst
+1 908 439 2200, ext. 5676
+1 908 439 2200, ext. 5477
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098