A.M. Best Assigns Debt Rating to Third Point Re (USA) Holdings, Inc.

OLDWICK, N.J.--()--A.M. Best has assigned a debt rating of “bbb-” to the $115 million 7% fixed senior unsecured notes due 2025 recently issued by Third Point Re (USA) Holdings, Inc. (Wilmington, DE). The assigned outlook is stable. Third Point Reinsurance Ltd (TPRE) (Bermuda), the parent company of Third Point RE (USA) Holdings, is the guarantor of the senior notes. All existing ratings of TPRE and its subsidiaries are unchanged.

The proceeds from this debt issuance are expected to be used for the capitalization of Third Point Reinsurance (USA) Ltd. (TPRUSA) (Bermuda). The financial leverage and coverage measures of the company remain within A.M. Best’s guidelines for the assigned rating.

The rating takes into consideration TPRE’s operating subsidiaries’ current financial strength rating of A- and the issuer credit ratings of “a-” and the adequacy of cash flows at TPRUSA available to be transferred as dividends to service the debt.

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.

Key insurance criteria reports utilized:

  • Analyzing Insurance Holding Company Liquidity
  • Insurance Holding Company and Debt Ratings
  • Risk Management and the Rating Process for Insurance Companies

This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.

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

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Janet Hernandez, 908-439-2200, ext. 5767
Senior Financial Analyst
janet.hernandez@ambest.com
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Steven Chirico, CPA, 908-439-2200, ext. 5087
Assistant Vice President
steven.chirico@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Janet Hernandez, 908-439-2200, ext. 5767
Senior Financial Analyst
janet.hernandez@ambest.com
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Steven Chirico, CPA, 908-439-2200, ext. 5087
Assistant Vice President
steven.chirico@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com