Debt Rating Assigned To Arch Issuance
A.M. Best Co. yesterday [Mar. 27] assigned a debt rating of “bbb” to the $325 million 6.75% Series C preferred shares of Bermuda’s Arch Capital Group Ltd.
The assigned outlook is stable.
The proceeds from the issuance will be used by Arch to redeem its Series A and B preferred securities.
Best analysts said this issuance would not represent a material impact on the organisation’s overall capital structure and have no impact on the company’s existing financial strength ratings.
Arch is a Bermuda public limited liability company with approximately $5.03 billion in capital at December 31, 2011.
The company writes insurance and reinsurance on a worldwide basis through operations in Bermuda, the United States, Europe and Canada, with a focus on specialty lines.
