A.M. Best Assigns Ratings to DaVinciRe Holdings, Ltd.OLDWICK, N.J. -- A.M. Best Co. 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 DaVinciRe Holdings, Ltd. (DaVinciRe) (Hamilton, Bermuda). Concurrently, A.M. Best has assigned an indicative rating of "bbb" to the 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. 100 million 10-year senior notes to be issued by DaVinciRe. The outlook for both ratings is stable. The notes are being offered to qualified institutional buyers In law, a Qualified Institutional Buyer is a purchaser of securities that is financially sophisticated and is legally recognized by security market regulators to need less protection from sellers than most members of the public. as defined in Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act of 1933 and will not be listed on any securities exchange. The proceeds of this issue are to be used to repay bank debt currently outstanding at DaVinciRe. A.M. Best expects DaVinciRe's leverage ratios, including outstanding bank debt, to remain within acceptable ranges to support its ICR and debt rating. The financial strength rating of A (Excellent) and the ICR of "a" of DaVinci Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Ltd. (Hamilton, Bermuda) remain unchanged. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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 www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion