AM Best Places Credit Ratings of Coralisle Group Ltd. Subs Under Review Following Acquisition Announcement.
ENPNewswire-September 17, 2021--AM Best Places Credit Ratings of Coralisle Group Ltd. Subs Under Review Following Acquisition Announcement
(C)2021 ENPublishing - http://www.enpublishing.co.uk
Release date- 16092021 - AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a' (Excellent) of Coralisle Group Ltd.'s subsidiaries. All companies are domiciled in Bermuda, unless otherwise specified.
(See below for a detailed listing of the companies.)
This rating action follows the Coralisle Group's announcement on Sept. 7, 2021 that it has agreed to acquire a 100% stake in Barbados-based Massy United Insurance Ltd. (Massy United) for $90.5 million; a portion of the amount 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 FSR of A (Excellent) and Long-Term ICR of 'a' (Excellent) of the following subsidiaries of Coralisle Group Ltd. have been placed under review with developing implications:
Coralisle Insurance (BVI) Ltd. (British Virgin Islands)
British Caymanian Insurance Company Limited (Cayman Islands)
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