AM Best Comments on Credit Ratings of Hagerty Reinsurance Limited Following Consolidated National Insurance Company Acquisition Announcement

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Hagerty Reinsurance Limited (Hagerty Re) (Hamilton, Bermuda) remain unchanged following the announcement that Hagerty Insurance Holdings has entered into a stock purchase agreement with Everspan Insurance Company (Everspan) to acquire all the issued and outstanding capital stock of Consolidated National Insurance Company.

Hagerty, Inc. [NYSE: HGTY], the ultimate parent of Hagerty Re, announced its intention for Consolidated National Insurance Company to become a new carrier platform and provide a differentiated line of business, allowing it to continue to drive premium growth and retention of underwriting profits.

The acquisition is not expected to have any material impact on Hagerty Re’s balance sheet strength or any near-term material impact on the ultimate parent, Hagerty, Inc.

AM Best will continue to monitor the transaction through closing and potentially take rating action should any factor associated with the deal change materially.

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