AM Best continues review of Argo Group ratings
AM Best continues to keep a close watch on Bermudian-based Argo Group following the company’s acquisition by Brookfield Reinsurance Limited in an all-cash transaction valued at approximately $1.1 billion.
The ratings agency said it has maintained the under review with developing implications status for the long-term issuer credit rating of “bbb-” (Good) and the associated long-term issue credit ratings of the Bermudian-based specialty insurer.
In addition, AM Best has maintained the under review with developing implications status for the financial strength rating of A- (Excellent) and the long-term ICRs of “a-” (Excellent) of its operating subsidiaries.
The agency has also maintained the under review with developing implications status for the long-term ICR of “bbb-” (Good) and the long-term IRs of Argo Group US Inc of San Antonio, Texas.
AM Best said the ratings were initially placed under review with developing implications on February 10.
These ratings were reviewed in response to the recently announced completion of the acquisition of Argo and its subsidiaries by Brookfield.
AM Best said it expects to meet with management in the near term to complete its assessment of Argo Group’s post-acquisition rating fundamentals.
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