A.M. Best Assigns Debt and Issuer Credit Ratings to Beazley Group Plc.OLDWICK, N.J. -- A.M. Best Co. has assigned a rating of "bbb-" to the forthcoming USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 18 million of floating rate subordinated notes due 2034 to be issued by Beazley Group Plc (Beazley) (United Kingdom), the non-operating holding company of the Beazley group of companies. These notes will be junior to all other forms of debt issued by Beazley. At the same time, A.M. Best has assigned an issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "bbb+" to Beazley. The outlook for both ratings is stable. Beazley owns Beazley Furlonge Limited, the managing agency of Lloyd's Syndicate 623 and Lloyd's Syndicate 2623. The proceeds of this issue will be used to partially fund the acquisition of Omaha Property and Casualty Insurance Company (OPAC OPAC - Online Public Access Catalog ), a U.S. admitted lines insurer, currently rated A- (Excellent). This rating is under review with developing implications pending completion of the acquisition. At the same time, A.M. Best has commented that its A (Excellent) financial strength and "a+" issuer credit ratings of syndicates 623 and 2623 remain unaffected following Beazley's announcement that it is to raise approximately GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 105 million (USD 194 billion) net of expenses by means of a rights issue. The proceeds of this issue are likely to be used to partially fund the acquisition and capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper of OPAC and to provide additional funds to support Beazley's increased participation in its existing underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. business at Lloyd's. Beazley is likely to own at least 70% (up from 54% in 2004) of the combined allocated underwriting capacity of syndicates 623 and 2623 in 2005, which is likely to remain unchanged at GBP 741 million (USD 1.4 billion). For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debt. For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion