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Yahoo
13-05-2025
- Business
- Yahoo
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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Todor Kitin, ACA Senior Financial Analyst +44 20 7397 0320 Tim Prince Director, Analytics +44 20 7397 0320 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
Yahoo
13-05-2025
- Business
- Yahoo
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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Todor Kitin, ACA Senior Financial Analyst +44 20 7397 0320 Tim Prince Director, Analytics +44 20 7397 0320 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
13-05-2025
- Business
- Yahoo
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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Todor Kitin, ACA Senior Financial Analyst +44 20 7397 0320 Tim Prince Director, Analytics +44 20 7397 0320 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
12-03-2025
- Business
- Yahoo
AM Best Withdraws Credit Ratings of Newpoint Reinsurance Company Limited
LONDON, March 12, 2025--(BUSINESS WIRE)--AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Newpoint Reinsurance Company Limited (NPRE) (St. Kitts and Nevis). At the time of the withdrawal, the Credit Ratings (ratings) were under review with the implications revised to negative from developing. The ratings reflect NPRE's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The revision of the implications of the under review status to negative from developing reflects the complexity of capital and asset structures of NPRE and its parent, NFG SA, which in turn has the potential to affect AM Best's view of the company's balance sheet strength fundamentals. The withdrawal of the ratings is due to the complexity of NFG group's asset structure, which prevents AM Best from continuing with its interactive rating process with NPRE. 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Stanislav Stoev, ACCA, CFA Senior Financial Analyst +44 20 7397 0306 Tim Prince Director, Analytics +44 20 7397 0320 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
