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Coralisle acquisition brings rating agency scrutiny

Coralisle Group Ltd.’s subsidiaries’ Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) have been placed under review with developing implications by AM Best.

The rating action follows the Coralisle Group’s recent announcement that it has agreed to acquire a 100 per cent stake in Barbados-based Massy United Insurance Ltd. for $90.5 million.

A portion of the purchase price is expected to be financed and the remainder funded with cash reserves.

The transaction is expected to close in early 2022 following the relevant regulatory approvals.

By acquiring Massy United, Coralisle Group accomplishes its strategic diversification goals by expanding its geographic reach and broadening its product mix.

The acquisition also gives the Coralisle Group access to Massy United’s network of agents and brokers, as well as access to commercial market clients to potentially cross-sell complementary services.

AM Best will review the transaction and the benefits, and also take a close look at risk exposures from an operational perspective which may include country risk and catastrophe exposures.

The subsidiaries of Coralisle Group Ltd. under review include:

•Coralisle Insurance (BVI) Ltd. (British Virgin Islands)

•British Caymanian Insurance Company Limited (Cayman Islands)

•Coralisle Insurance Company Ltd.

•Coralisle Life Assurance Company Ltd.

•Coralisle Medical Insurance Company Ltd.

•Atlantic Medical Insurance Limited (Bahamas)

•Security and General Insurance Company Limited (Bahamas)

AM Best Places Credit Ratings of Coralisle Group Ltd. Subsidiaries Under Review With Developing Implications

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Published September 17, 2021 at 8:00 am (Updated September 17, 2021 at 8:00 am)

Coralisle acquisition brings rating agency scrutiny

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