A.M. Best Assigns Issuer Credit Rating to Beazley Plc |
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Public Relations Jim Peavy +(1) 908 439 2200, ext. 5644 james.peavy@ambest.com Rachelle Morrow +(1) 908 439 2200, ext. 5378 rachelle.morrow@ambest.com |
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FOR IMMEDIATE RELEASE | ||||
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OLDWICK, N.J., JUNE 09, 2009 A.M. Best Co. has assigned an issuer credit rating (ICR) of "bbb+" to Beazley Plc (Beazley) (Jersey), the newly formed ultimate holding company of the Beazley group of companies. At the same time, A.M. Best has affirmed the ICR of "bbb+" of Beazley Group Limited (formerly Beazley Group Plc), and the debt ratings of "bbb" on the GBP 150 million junior subordinated notes due 2026 and the USD 18 million junior subordinated notes due 2034 issued by Beazley Group Limited. The outlook for all ratings is stable. The ratings of Lloyd's Syndicates 2623 and 623 remain unchanged. These rating actions follow the restructure of the Beazley group of companies. Beazley, which is incorporated in Jersey and tax resident in Ireland, is the group's new ultimate holding company. The former ultimate parent company, Beazley Group Plc, which has been delisted and renamed Beazley Group Limited, is wholly owned by Beazley. In addition, A.M. Best expects a new Ireland-based reinsurer, Beazley Re Ltd (a wholly owned subsidiary of Beazley), to enter into a reinsurance arrangement with Beazley Underwriting Limited (the group's corporate member). The rating of Beazley reflects good anticipated operating performance and the strong business profile of its Lloyd's operations (Lloyd's Syndicate 2623, and newly formed 3622 and 3623). Beazley also benefits from good financial flexibility, demonstrated by its successful GBP 150 million rights issue and placing in 2009. The affirmations of the ICR of Beazley Group Limited and the debt ratings reflect A.M. Best's expectation that Beazley will support Beazley Group Limited and its obligations. For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings & Analysis. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at Best's Credit Rating Methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. |
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A.M. Best’s credit ratings are independent and objective opinions, not statements of fact. A.M. Best is not an Investment Advisor, does not offer investment advice of any kind, nor does the company or its Ratings Analysts offer any form of structuring or financial advice. A.M. Best’s credit opinions are not recommendations to buy, sell or hold securities, or to make any other investment decisions. A.M. Best receives compensation for interactive rating services provided to organizations that it rates. A.M. Best may also receive compensation from rated entities for non-rating related services or products offered by A.M. Best. A.M. Best does not offer consulting or advisory services. For more information regarding A.M. Best’s rating process, including handling of confidential (non-public) information, independence, and avoidance of conflicts of interest, please read the A.M. Best Code of Conduct. Copyright ©
2009 by A.M. Best Company, Inc.
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