LONDON–(BUSINESS WIRE)–AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the USD 70 million floating rate subordinated notes, due 2041, of Group Ark Insurance Limited (GAIL) (Bermuda), a subsidiary of Ark Insurance Holdings Limited (Ark). The outlook assigned to this Credit Rating (rating) is stable. The Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of GAIL remain unchanged.
GAIL is using the proceeds from this 8 September 2021 issuance to support the scale up of the Ark group, including its platform at Lloyd’s and GAIL’s recently established third-party insurance and reinsurance business in Bermuda. AM Best notes that pro forma financial leverage and interest coverage metrics remain at appropriate levels for GAIL’s current ratings.
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