Latest news with #Issuer
Yahoo
2 days ago
- Business
- Yahoo
AM Best Downgrades Credit Ratings of The Dominion of Canada General Insurance Company and Travelers Insurance Company of Canada Following Announced Sale to Definity Financial Corporation; Places Credit Ratings Under Review With Various Implications
OLDWICK, N.J., June 04, 2025--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a-" (Excellent) from "a" (Excellent) of The Dominion of Canada General Insurance Company (Dominion). At the same time, AM Best has downgraded the FSR to A+ (Superior) from A++ (Superior) and the Long-Term ICR to "aa-" (Superior) from "aa+" (Superior) of Travelers Insurance Company of Canada (TICC). In addition. AM Best has placed Dominion's Credit Ratings (ratings) under review with developing implications, while AM Best has placed TICC under review with negative implications. Dominion and TICC are domiciled in Toronto, Ontario, Canada. The ratings of Dominion reflect its balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of TICC reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. The Travelers Companies, Inc. (TRV) (NYSE: TRV) announced that it signed an agreement to sell the personal insurance business and most of the commercial insurance business of Travelers Canada, which include Dominion and TICC, to Definity Financial Corporation. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions. The announcement has triggered the removal of the TRV lift from Dominion and TICC, which have been placed under review, and while Dominion will have developing implications, TICC will have negative implications as a result of the higher rating compared with the rating of the new parent company at close. AM Best will continue to monitor events related to this transaction and provide updates as 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts David Marek Associate Director +1 908 882 1924 Carlos Wong-Fupuy Senior Director +1 908 882 2438 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
- Yahoo
AM Best Downgrades Credit Ratings of The Dominion of Canada General Insurance Company and Travelers Insurance Company of Canada Following Announced Sale to Definity Financial Corporation; Places Credit Ratings Under Review With Various Implications
OLDWICK, N.J., June 04, 2025--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a-" (Excellent) from "a" (Excellent) of The Dominion of Canada General Insurance Company (Dominion). At the same time, AM Best has downgraded the FSR to A+ (Superior) from A++ (Superior) and the Long-Term ICR to "aa-" (Superior) from "aa+" (Superior) of Travelers Insurance Company of Canada (TICC). In addition. AM Best has placed Dominion's Credit Ratings (ratings) under review with developing implications, while AM Best has placed TICC under review with negative implications. Dominion and TICC are domiciled in Toronto, Ontario, Canada. The ratings of Dominion reflect its balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings of TICC reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. The Travelers Companies, Inc. (TRV) (NYSE: TRV) announced that it signed an agreement to sell the personal insurance business and most of the commercial insurance business of Travelers Canada, which include Dominion and TICC, to Definity Financial Corporation. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions. The announcement has triggered the removal of the TRV lift from Dominion and TICC, which have been placed under review, and while Dominion will have developing implications, TICC will have negative implications as a result of the higher rating compared with the rating of the new parent company at close. AM Best will continue to monitor events related to this transaction and provide updates as 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts David Marek Associate Director +1 908 882 1924 Carlos Wong-Fupuy Senior Director +1 908 882 2438 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Associated Press
2 days ago
- Business
- Associated Press
AM Best Upgrades Issuer Credit Rating of Associated Electric & Gas Insurance Services Limited
OLDWICK, N.J.--(BUSINESS WIRE)--Jun 4, 2025-- AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to 'a+' (Excellent) from 'a' (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Associated Electric & Gas Insurance Services Limited (AEGIS) (Hamilton, Bermuda). The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR is stable. The Credit Ratings (ratings) reflect AEGIS' balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. AEGIS focuses on risk diversification and capital preservation, which have been achieved through a successful combination of its energy mutual operations in North America and uncorrelated lines of business with its Lloyd's Syndicate 1225. AEGIS continues to maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by consistent surplus growth over the past 10 years. AEGIS' historical focus on the U.S. and Canadian utility industries and the diversification benefit from its Lloyd's syndicate continues to stabilize underwriting performance. Management focuses on the company's operating performance by improving its risk management strategies, including continued refinement of its underwriting criteria, as well as the prudent use of available reinsurance protection and modest limits. AEGIS continues to have a high member retention ratio, an adaptive and highly responsive management team and continued expansion of programs within its corporate mission. The Long-Term ICR upgrade reflects AEGIS' positive earnings, which have been consistent even in years of large loss events for the industry, and throughout low interest-rate market conditions. Over the years, AEGIS has been able to demonstrate strong underwriting results, grounded in a long-standing commitment to disciplined risk selection and conservative reinsurance practices. This has been further reinforced by the significant diversification between the mutual and the syndicate and its benefits to the company's balance sheet. The combined performance of these platforms has delivered consistent, stable underwriting results over the past five years, which highlights the unique strategic structure of AEGIS. 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 . Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Patrick Cyphers Financial Analyst +1 908 882 1719 [email protected] Monteiro Simoes, CFA Senior Financial Analyst +1 908 882 2317 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW YORK NEW JERSEY INDUSTRY KEYWORD: CONSULTING PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 06/04/2025 10:23 AM/DISC: 06/04/2025 10:22 AM
Business Wire
2 days ago
- Business
- Business Wire
AM Best Upgrades Issuer Credit Rating of Associated Electric & Gas Insurance Services Limited
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to 'a+' (Excellent) from 'a' (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Associated Electric & Gas Insurance Services Limited (AEGIS) (Hamilton, Bermuda). The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR is stable. The Credit Ratings (ratings) reflect AEGIS' balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. AEGIS focuses on risk diversification and capital preservation, which have been achieved through a successful combination of its energy mutual operations in North America and uncorrelated lines of business with its Lloyd's Syndicate 1225. AEGIS continues to maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by consistent surplus growth over the past 10 years. AEGIS' historical focus on the U.S. and Canadian utility industries and the diversification benefit from its Lloyd's syndicate continues to stabilize underwriting performance. Management focuses on the company's operating performance by improving its risk management strategies, including continued refinement of its underwriting criteria, as well as the prudent use of available reinsurance protection and modest limits. AEGIS continues to have a high member retention ratio, an adaptive and highly responsive management team and continued expansion of programs within its corporate mission. The Long-Term ICR upgrade reflects AEGIS' positive earnings, which have been consistent even in years of large loss events for the industry, and throughout low interest-rate market conditions. Over the years, AEGIS has been able to demonstrate strong underwriting results, grounded in a long-standing commitment to disciplined risk selection and conservative reinsurance practices. This has been further reinforced by the significant diversification between the mutual and the syndicate and its benefits to the company's balance sheet. The combined performance of these platforms has delivered consistent, stable underwriting results over the past five years, which highlights the unique strategic structure of AEGIS. 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.
Cision Canada
2 days ago
- Business
- Cision Canada
CLIFFORD L. RUCKER PROVIDES UPDATE ABOUT HOLDINGS OF FLOW BEVERAGE CORP.
This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. TORONTO, June 4, 2025 /CNW/ - This release is being made by Clifford L. Rucker (" Mr. Rucker") to report information concerning holdings of RI Flow LLC (the " Investor"), NFS Leasing Canada Ltd. (" NFS Canada"), NFS Leasing, Inc. (" NFS") and Mr. Rucker in Flow Beverage Corp. (the " Issuer" or " Flow"). The Investor is directly owned by Mr. Rucker. NFS Canada is a wholly owned subsidiary of NFS and NFS is directly owned by Mr. Rucker On June 4, 2025, the Issuer announced that it had entered into a secured convertible loan agreement with the Investor (the " Convertible Loan Agreement") pursuant to which the Investor has agreed to advance a convertible loan of up to $6,000,000 to the Issuer (the " Convertible Loan"). The Convertible Loan bears interest at an annual rate of 15% and the principal balance and accrued interest (collectively the " Outstanding Balance") of the Convertible Loan are convertible into subordinate voting shares (" SVS") of the Issuer at a conversion price of $0.065 per share, entitling the Investor to convert up to 114,115,385 SVS, assuming that all Tranches (as defined below) of the Convertible Loan are advanced. The Investor is only permitted to convert the Outstanding Balance on or after June 2, 2026, upon and following a change of control of the Issuer or upon a divestiture of the Issuer's packaging facility in Aurora, Ontario and related operations (the " Conversion Eligibility Date"). It is anticipated that as of the date of this press release, the first of three tranches (the " First Tranche") will be advanced to Flow in accordance with the terms of the Convertible Loan Agreement. The second tranche (the " Second Tranche") and third tranche (the " Third Tranche", and together with the First Tranche and Second Tranche, the " Tranches") are expected to be advanced on or about July 1, 2025, and August 1, 2025, respectively. Each Tranche will be in the principal amount of $2,000,000. The Investor's obligation to fund the Second Tranche and Third Tranche is subject to the Issuer achieving certain revenue milestones. Accordingly, there can be no assurance that the Second Tranche or Third Tranche will be advanced. Concurrently, NFS entered into a secured business purpose loan note with Flow, providing for a loan of up to $4,000,000 (the " NFS Term Loan"). The NFS Term Loan will mature on a date that is three years from the date of issue (the " NFS Loan Maturity Date") and bear interest at a rate of 15% per annum (" NFS Loan Interest") accruing on the funded amount of up to $4,000,000 (the " NFS Loan Amount") from the date the applicable portion of the NFS Term Loan is advanced and compounding annually. The NFS Loan Amount and the NFS Loan Interest will be payable in arrears beginning on the first calendar day of the first month after the date of issue with no payments required for the first three consecutive months, followed by thirty-three equal monthly payments. The NFS Loan Amount will be advanced in tranches, with each tranche subject to the satisfaction of certain lending conditions, including the Issuer's achievement of certain monthly net revenue milestones. The NFS Term Loan is secured against all assets of the Issuer and its subsidiaries on the same basis as the security provided pursuant to the Term Loan and Security Agreement dated as of December 30, 2022 between the Issuer and NFS (the " NFS Loan Agreement") and ranks in right of payment of principal and interest pari passu with the other secured obligations pursuant to the NFS Loan Agreement and senior to all other obligations of the Issuer and its subsidiaries. Current Holdings Prior to June 4, 2025, the Investor owned, and Mr. Rucker beneficially owned or exercised control or direction over, 12,050,000 SVS. NFS Canada owned, and Mr. Rucker and NFS beneficially owned or exercised control or direction over, warrants exercisable into 5,345,380 SVS (the " Warrants"). Collectively, these holdings represented: On an undiluted basis: 14.41% of the issued and outstanding SVS, a 13.43% equity interest in the Issuer, and 8.33% of the voting rights attached to all of the Issuer's outstanding voting securities; and On a partially diluted basis (assuming full exercise of the Warrants): 19.55% of the issued and outstanding SVS, an 18.30% equity interest in the Issuer, and 11.59% of the voting rights attached to all of the Issuer's outstanding voting securities. The forgoing percentages are based on 83,617,106 SVS and 6,106,566 multiple voting shares (" MVS") issued and outstanding. First Tranche of the Convertible Loan It is anticipated that the First Tranche will be advanced on June 4, 2025, following which the Investor will own, and Mr. Rucker will beneficially own or exercise control or direction over 12,050,000 SVS and, after the Conversion Eligibility Date, will hold the right to convert the Outstanding Balance into up to 38,038,462 SVS. In addition, NFS Canada will own, and Mr. Rucker and NFS will beneficially own or exercise control or direction over, warrants exercisable into 5,345,380 SVS. Collectively, these holdings will represent: On an undiluted basis: 14.41% of the issued and outstanding SVS, a 13.43% equity interest in the Issuer, and 8.33% of the voting rights attached to all of the Issuer's outstanding voting securities; and On a partially diluted basis (assuming exercise of the outstanding Warrants and conversion of the Outstanding Balance): 43.65% of the issued and outstanding SVS, a 41.65% equity interest in the Issuer, and 29.48% of the voting rights attached to all of the Issuer's outstanding voting securities. The forgoing percentages are calculated based on 121,655,568 SVS and 6,106,566 MVS issued and outstanding. Second Tranche of the Convertible Loan Assuming the Second Tranche is advanced to the Issuer, the Investor will own, and Mr. Rucker will beneficially own, or have control or direction over 12,050,000 SVS and, after the Conversion Eligibility Date, will hold the right to convert the Outstanding Balance into up to 76,076,923 SVS. In addition, NFS Canada will own, and Mr. Rucker and NFS will beneficially own or exercise control or direction over, warrants exercisable into 5,345,380 SVS. Collectively, these holdings will represent: On an undiluted basis: 14.41% of the issued and outstanding SVS, a 13.43% equity interest in the Issuer, and 8.33% of the voting rights attached to all of the Issuer's outstanding voting securities; and On a partially diluted basis (assuming exercise of the outstanding Warrants and conversion of the Outstanding Balance): 56.64% of the issued and outstanding SVS, a 54.62% equity interest in the Issuer, and 41.34% of the voting rights attached to all of the Issuer's outstanding voting securities. The forgoing percentages are calculated based on 159,694,029 SVS and 6,106,566 MVS issued and outstanding. Third Tranche of the Convertible Loan Assuming the Second and Third Tranches are advanced to the Issuer, the Investor will own, and Mr. Rucker will beneficially own, or have control or direction over, 12,050,000 SVS and, after the Conversion Eligibility Date, will hold the right to convert the Outstanding Balance into up to 114,115,385 SVS. In addition, NFS Canada will own, and Mr. Rucker and NFS will beneficially own or exercise control or direction over, warrants exercisable into 5,345,380 SVS. Collectively, these holdings will represent: On an undiluted basis: 14.41% of the issued and outstanding SVS, a 13.43% equity interest in the Issuer, and 8.33% of the voting rights attached to all of the Issuer's outstanding voting securities; and On a partially diluted basis (assuming exercise of the outstanding Warrants and conversion of the Outstanding Balance): 64.76% of the issued and outstanding SVS, a 62.87% equity interest in the Issuer, and 49.79% of the voting rights attached to all of the Issuer's outstanding voting securities. The forgoing percentages are calculated based on 197,732,491 SVS and 6,106,566 MVS issued and outstanding. Full Conversion of the Convertible Loan Assuming the Second and Third Tranches are advanced to the Issuer, and the Outstanding Balance is fully converted into 114,115,385 SVS following the Conversion Eligibility Date, the Investor will own, and Mr. Rucker will beneficially own, or have control or direction over, 126,165,385 SVS and NFS Canada will own, and Mr. Rucker and NFS will beneficially own, or have control or direction over, warrants convertible into 5,345,380 SVS. Collectively, these holdings will represent: On an undiluted basis: 63.81% of the issued and outstanding SVS, 61.89% equity interest in the Issuer, and 48.75% of the voting rights attached to all of the Issuer's outstanding voting securities, and On a partially diluted basis (assuming exercise of the outstanding Warrants): 64.76% of the issued and outstanding SVS, 62.87% equity interest in the Issuer and 49.79% of the voting rights attached to all of the Issuer's outstanding voting securities The forgoing percentages are calculated based on 197,732,491 SVS and 6,106,566 MVS outstanding. This Report references interest accruing on the principal balance of the Convertible Loan, which compounds on an annual basis for the term of 18 months. Other Information The Investor and its affiliates may, from time to time, acquire additional securities of the Issuer and/or dispose of such securities as the Investor deems appropriate based upon market conditions, general economic and industry conditions, the trading price of the SVS, the Issuer's business, financial condition or prospects, and/or other relevant factors The Issuer head office is located at 155 Industrial Parkway South, Unit 7-10, Aurora, Ontario L4G 3G6, the Investor and Mr. Rucker are located at 500 Cummings Center, Suite 6050, Beverly, MA 01915. [email protected] or telephone (978) 338-6250, or on the SEDAR+ profile of the Issuer at:
