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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

AM Best Places Credit Ratings of Ironshore Europe Designated Activity Company Under Review With Negative Implications

March 14, 2019

OLDWICK, N.J.--(BUSINESS WIRE)--Mar 14, 2019--AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of Ironshore Europe Designated Activity Company (Ironshore Europe) (Dublin, Ireland).

The Credit Rating (rating) actions follow the March 14, 2019, announcement that Ironshore Europe’s ultimate parent, Liberty Mutual Holding Company Inc. (LMHC), has reached an agreement to sell Ironshore Europe, along with Pembroke Managing Agency Limited (United Kingdom) and Visionary Underwriting Agency Limited (United Arab Emirates), to Hamilton Insurance Group, Ltd. (Hamilton) (Pembroke, Bermuda).

Should the transaction be completed as currently contemplated, AM Best could downgrade Ironshore Europe’s ratings to be commensurate with Hamilton’s ratings, following the completion of AM Best’s assessment post-transaction close.

If Ironshore Europe’s acquisition by Hamilton is not completed as currently contemplated, AM Best could downgrade Ironshore Europe’s ratings to reflect AM Best’s view of Ironshore Europe’s stand-alone credit profile. Ironshore Europe’s current Long-Term ICR of “a” reflects its inclusion as a member of the Liberty Mutual Insurance Companies rating unit. Ironshore Europe is a member of the Liberty Mutual Insurance Companies rating unit due to its role in the ultimate parent company’s operations and the implicit and explicit support afforded it under a guarantee agreement in place with Liberty Mutual Insurance Company. AM Best would re-evaluate Ironshore Europe’s strategic role should the sale to Hamilton not be completed.

AM Best’s ratings for all other entities within the LMHC enterprise are unaffected by this transaction.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases .

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2019 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/20190314005824/en/

CONTACT: Gregory Dickerson

Senior Financial Analyst

+ 1 908 439 2200, ext. 5161

gregory.dickerson@ambest.com

Jennifer Marshall, CPCU, ARM

Director

+1 908 439 2200, ext. 5327

jennifer.marshall@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY IRELAND

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: AM Best

Copyright Business Wire 2019.

PUB: 03/14/2019 03:43 PM/DISC: 03/14/2019 03:43 PM

http://www.businesswire.com/news/home/20190314005824/en