LONDON--(BUSINESS WIRE)--A.M. Best has commented that the issuer credit rating (ICR) of “a-” of Amlin plc (Amlin) (United Kingdom) remains under review with developing implications following the completion of its acquisition by Mitsui Sumitomo Insurance Company Limited (MSI) on 1 February 2016.
In addition, the following ratings remain under review with developing implications: the financial strength rating (FSR) of A (Excellent) and the ICR of “a+” of Amlin AG (Switzerland); the FSR of A+ (Superior) and the ICR of “aa-” of Lloyd’s Syndicate 2001, which is managed by Amlin Underwriting Limited (United Kingdom); and the issue rating of “bbb+” on GBP 230 million 6.5% fixed-to-floating rate subordinated notes maturing 18 December 2026 issued by Amlin.
The ratings will remain under review until A.M. Best has completed its evaluation of MSI’s plans for the Amlin entities, and the impact of these plans on their risk-adjusted capitalisation.
A.M. Best expects to resolve the under review status of the ratings within three to six months.
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 see A.M. Best’s Recent Rating Activity web page.
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