A.M. Best Assigns Debt Rating To Third Point Re
A.M. Best has assigned a debt rating of “bbb-” to the $115 million 7% fixed senior unsecured notes due 2025 recently issued by Third Point Re [USA] Holdings, Inc. [Wilmington, DE]. The assigned outlook is stable.
Third Point Reinsurance Ltd [TPRE] [Bermuda], the parent company of Third Point RE [USA] Holdings, is the guarantor of the senior notes. All existing ratings of TPRE and its subsidiaries are unchanged.
The proceeds from this debt issuance are expected to be used for the capitalization of Third Point Reinsurance [USA] Ltd. [TPRUSA] [Bermuda]. The financial leverage and coverage measures of the company remain within A.M. Best’s guidelines for the assigned rating.
