AM Best Places Credit Ratings of At-Bay Specialty Insurance Company Under Review With Positive Implications Following Announced Acquisition

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of At-Bay Specialty Insurance Company (ABSIC) (Atlanta, GA) following the announced acquisition of its parent company, At-Bay, Inc. by Munich Re America Corporation.

The Credit Ratings (ratings) have been placed under review with positive implications following the announcement that Munich Re America Corporation has entered into an agreement to acquire At-Bay, Inc., a provider of integrated cyber insurance and cyber security solutions for total cyber risk protection. The under review with positive implications status reflects the potential financial and operational benefits that ABSIC may derive from being part of a significantly larger insurance organization, which is of greater financial strength.

The definitive agreement was concluded at an enterprise value of $575 million. The transaction is subject to customary conditions, including the receipt of required regulatory approvals. The ratings will remain under review pending completion of the transaction and AM Best’s evaluation of parental support, integration plans and the expected impact on ABSIC’s future business plans.

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 Performance Assessments, 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 specializing 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. For more information, visit www.ambest.com.

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