AM Best Maintains Under Review With Positive Implications Status for Credit Ratings of Nagico Holdings Limited’s Main Operating Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has maintained the under review with positive implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of the two operating subsidiaries of Nagico Holdings Limited – National General Insurance Corporation (NAGICO) N.V. (St. Maarten) and Nagico Insurance Company Limited (Anguilla) (collectively referred to as Nagico).

Nagico’s Credit Ratings (ratings) were placed under review with positive implications on July 27, 2021. This rating action followed Nagico’s announcement that the group had entered into a definitive agreement whereby Peak Reinsurance Company Limited (Peak Re) will acquire the remaining 50% of Nagico’s outstanding shares; Peak Re already owned 50% of Nagico.

This transaction is still awaiting regulatory approval. The ratings will remain under review until the transaction is completed successfully, all customary regulatory approvals are received, and AM Best evaluates Nagico’s role in the Peak Re organization. The AM Best analytical team will continue to monitor the course of this transaction, as well as Nagico's rating fundamentals, until the transaction closes and provide updates if conditions warrant.

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