AM Best Assigns Credit Rating To Ark Insurance
AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” [Good] to the recently issued USD 47 million floating rate subordinated notes, due 2041, of Group Ark Insurance Limited [GAIL] [Bermuda]. The outlook assigned to the Credit Rating [rating] is stable.
A statement from the ratings agency said, “The Financial Strength Rating of A [Excellent] and the Long-Term Issuer Credit Rating of “a” [Excellent] of GAIL remain unchanged.
“GAIL is using the proceeds from this 11 August 2021 issuance to support the scale-up of the Ark Insurance Holdings Limited group, including its platform at Lloyd’s and GAIL’s recently established third-party insurance and reinsurance business in Bermuda. AM Best notes that pro forma financial leverage and interest coverage metrics remain at appropriate levels for GAIL’s current ratings.”
