09/13/2021 | Press release | Distributed by Public on 09/13/2021 06:46
SEPTEMBER 13, 2021 08:34 AM (EDT)
AM Best Assigns Issue Credit Rating to Group Ark Insurance Limited's Subordinated Notes
Senior Financial Analyst
+44 20 7397 4395
Alex Rafferty, ACA
Manager, Public Relations
+1 908 439 2200, ext. 5159
FOR IMMEDIATE RELEASE
LONDON - SEPTEMBER 13, 2021 08:34 AM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of 'bbb+' (Good) to the USD 70 million floating rate subordinated notes, due 2041, of Group Ark Insurance Limited (GAIL) (Bermuda), a subsidiary of Ark Insurance Holdings Limited (Ark). The outlook assigned to this Credit Rating (rating) is stable. The Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of GAIL remain unchanged.
GAIL is using the proceeds from this 8 September 2021 issuance to support the scale up of the Ark group, including its platform at Lloyd's and GAIL's recently established third-party insurance and reinsurance business in Bermuda. AM Best notes that pro forma financial leverage and interest coverage metrics remain at appropriate levels for GAIL's current ratings.
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 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.