AM Best has commented that the Credit Ratings (ratings) of the members of
BIG is comprised of
Altaris currently owns approximately 47% of
The transaction is expected to be completed during the first half of 2023, pending government and regulatory approvals, as well as other customary closing conditions. Following completion of the transaction,
As a result of the proposed acquisition, AM Best anticipates that the Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb' (Good) of
AM Best expects that BIG's risk-adjusted capital, financial leverage, operating performance and reserve adequacy measures will remain within acceptable ranges to support its current ratings. However, AM Best will further evaluate the ratings and outlooks as it contemplates the impact of business plan or strategy and potential dividend projections provided by Altaris management.
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.
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