AM Best Assigns Issue Credit Rating to Group Ark Insurance Limited’s Subordinated Notes

LONDON--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to Group Ark Insurance Limited’s (GAIL) (Bermuda) recently issued EUR 39.1 million floating rate subordinated notes due 2041. The outlook assigned to the 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 issuance to support the scale up of the Ark Insurance Holdings Limited 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.

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