AM Best Assigns Issue Credit Rating to Ascot Group Limited’s Senior Unsecured Notes

LONDON--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the USD 350 million, 6.349% fixed-rate reset senior unsecured notes due 2035, issued by Ascot Group Limited (AGL) (Bermuda) on 9 May 2025. The outlook assigned to this Credit Rating (rating) is stable.

The rating of the senior unsecured notes is three notches below the Long-Term Issuer Credit Ratings of Ascot Bermuda Limited and the other operating subsidiaries, reflecting the fact that the notes are issued by their non-operating holding company, AGL. The notes represent senior unsecured obligations of the issuer and rank equally in right of payment with any existing and future unsecured, unsubordinated indebtedness and senior in right of payment to any future unsecured subordinated indebtedness, and are contractually subordinated in right of payment to all obligations of AGL’s subsidiaries, including existing and future policyholder obligations of insurance and reinsurance subsidiaries. AGL intends to downstream the proceeds to its insurance operating subsidiaries providing additional capital to support the growth of its operations.

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