AM Best Places LIA Ratings Under Review
AM Best has placed under review with negative implications the Financial Strength Ratings of A- [Excellent] and the Long-Term Issuer Credit Ratings of “a-” [Excellent] of Lombard International Life Assurance Company [Philadelphia, PA], Lombard International Life Assurance Company of New York [New York, NY], Lombard International Life Assurance Company [Bermuda] Ltd. [Bermuda] and Lombard International Life Ltd. [Bermuda].
A statement from the ratings agency said, “These Credit Rating [ratings] were placed under review with negative implications following the announcement by Lombard International Group that it has entered into a definitive agreement to sell its U.S.- and Bermuda-based businesses to BroadRiver Asset Management and its affiliated entities.
“The negative implications are due to the uncertainty regarding BroadRiver Asset Management’s intentions and capitalization plans for the entities being acquired. These ratings will remain under review until the transaction closes, all customary regulatory approvals are received and AM Best evaluates BroadRiver Asset Management’s role in these entities.”
