CONTACTS:
FOR IMMEDIATE RELEASE
LONDON - JULY 11, 2014 09:15 AM (EDT)
A.M. Best has placed under review with positive implications the financial strength rating of A- (Excellent) and the issuer credit rating of "a-"of Schweizerische National-Versicherungs-Gesellschaft AG (Nationale Suisse) (Switzerland).
The rating actions follow the announcement that Helvetia Holding AG (Helvetia) (Switzerland) intends to acquire Nationale Suisse. Upon completion of the transaction, the merged group becomes the third-largest insurer in Switzerland, with a combined premium volume of approximately CHF 5 billion. The under review status reflects A.M. Best's opinion that the merger will result in synergies for both parties, particularly for their complementary foreign activities. Nationale Suisse's specialty lines segment is expected to be maintained as an independent business and is likely to benefit from the integration of selected business lines from Helvetia.
The ratings will remain under review until after the transaction closes in October 2014, and A.M. Best has been able to assess the role and financial strength of National Suisse within the new group.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.
This rating announcement has been issued by A.M. Best Europe - Rating Services Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.