AM Best Removes From Under Review With Positive Implications and Upgrades Credit Ratings of Aspen Insurance Holdings Limited and its Rated Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “aa-” (Superior) from “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Texas) and Aspen Specialty Insurance Company (ASIC) (North Dakota). The outlook assigned to the FSR is stable, while the outlooks assigned to the Long-Term ICRs is positive. Concurrently, AM Best has removed from under review with positive implications and upgraded the Long-Term ICR to “a-” (Excellent) from “bbb” (Good) of Aspen Insurance Holdings Limited (Aspen) (Bermuda), a non-operating holding company, along with the Long-Term Issue Credit Ratings (Long-Term IRs) on the preference shares of Aspen, and the indicative Long-Term IRs. (Please see below for a detailed listing of the Long-Term IRs.). The outlook assigned to the Long-Term ICR is positive. These companies are indirect subsidiaries of Sompo Japan Insurance Inc. (SJ).

The ratings reflect the consolidated balance sheet strength of SJ, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings were removed from under review with positive implications following the completion of the acquisition of Aspen by Sompo Holdings, Inc., via a subsidiary of Sompo International Holdings Ltd. (SIH), a wholly owned direct subsidiary of SJ, and a detailed review by AM Best of SIH’s future business plans and integration plans for the Aspen entities.

The upgrade of AIUK, AAIC, ABL and ASIC reflects the assignment of full rating enhancement from SJ, as these entities are highly integrated to SI following the restructuring and implicit and explicit support in the form of net worth maintenance agreements.

The following Long-Term IRs have been removed from under review with positive implications, upgraded and assigned positive outlooks:

Aspen Insurance Holdings Limited—

- to “bbb” (Good) from “bb+” (Fair) on USD 250 million 5.625% perpetual non-cumulative preference shares
- to “bbb” (Good) from “bb+” (Fair) on USD 250 million 5.625% perpetual non-cumulative preference shares

The following indicative Long-Term IRs have been removed from under review with positive implications, upgraded and assigned positive outlooks:

Aspen Insurance Holdings Limited—

- to “a-‘ (Excellent) from “bbb” (Good) on senior unsecured debt
- to “bbb+” (Good) from “bbb-” (Good) on senior subordinated debt
- to “bbb” (Good) from “bb+” (Fair) on junior subordinated debt
- to “bbb” (Good) from “bb+” (Fair) on preferred stock

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 specializing 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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