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A.M. Best Comments on Ratings of Omega US Insurance, Inc.

OLDWICK, N.J. -- A.M. Best Co. has commented that the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Omega US Insurance, Inc. (headquartered in Schaumburg, IL) (Omega US) remain under review with negative implications, following the acquisition of Omega US' ultimate parent company, Omega Insurance Holdings Limited (Bermuda) (Omega) by Canopius Group Limited (Canopius) (Guersney), which was completed on August 20, 2012. Canopius is a privately-owned, insurance/reinsurance organization that was formed in 2003 and is not formally followed by A.M. Best.

The ratings of Omega US will remain under review with negative implications pending A.M. Best's discussions with Canopius' management, further financial disclosure by Canopius and a more comprehensive understanding as to the immediate and long range effects that this transaction poses on Omega US' strategic and financial prospects under the new ownership.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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Publication:Business Wire
Date:Aug 21, 2012
Words:288
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