AM Best Assigns Issue Credit Rating to Ascot Group Limited's Senior Unsecured Notes
LONDON, May 13, 2025--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of "bbb+" (Good) to the USD 350 million, 6.349% fixed-rate reset senior unsecured notes due 2035, issued by Ascot Group Limited (AGL) (Bermuda) on 9 May 2025. The outlook assigned to this Credit Rating (rating) is stable.
The rating of the senior unsecured notes is three notches below the Long-Term Issuer Credit Ratings of Ascot Bermuda Limited and the other operating subsidiaries, reflecting the fact that the notes are issued by their non-operating holding company, AGL. The notes represent senior unsecured obligations of the issuer and rank equally in right of payment with any existing and future unsecured, unsubordinated indebtedness and senior in right of payment to any future unsecured subordinated indebtedness, and are contractually subordinated in right of payment to all obligations of AGL's subsidiaries, including existing and future policyholder obligations of insurance and reinsurance subsidiaries. AGL intends to downstream the proceeds to its insurance operating subsidiaries providing additional capital to support the growth of its operations.
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 specialising 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 © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250513416630/en/
Contacts
Todor Kitin, ACA Senior Financial Analyst +44 20 7397 0320 todor.kitin@ambest.com Tim Prince Director, Analytics +44 20 7397 0320 timothy.prince@ambest.com Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.com Al Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.com
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