AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Kelvin Re Limited

LONDON--(BUSINESS WIRE)--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Kelvin Re Limited (Kelvin Re) (Guernsey).

These Credit Rating (rating) actions follow the announcement on 2 August 2022 that Kelvin Re’s ultimate parent, Cowen Inc. (Cowen), will be acquired by The Toronto-Dominion Bank (TD), a Toronto-based multinational banking and financial services group. The transaction is expected to close in the first quarter of 2023.

The ratings are under review with developing implications due to uncertainty regarding the future strategy of Kelvin Re and its potential relationship with TD. The ratings are expected to remain under review until the transaction has closed and AM Best has assessed the impact of the potential change in ultimate ownership on the company’s credit fundamentals, taking into account prospective business plans.

Kelvin Re has been in run-off since December 2020. The company was acquired by Cowen on 1 June 2022, and future business plans have not been determined at present.

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 specialising 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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