A.M. Best Comments on Credit Ratings of AmTrust Financial Services, Inc. Following Announcement of Offer to Acquire Certain P...
09 Janeiro 2018 - 8:03PM
Business Wire
A.M. Best has commented that the Long-Term Issuer Credit
Rating (Long-Term ICR) of “bbb” of AmTrust Financial Services,
Inc. (AFSI) [NASDAQ:AFSI] (headquartered in New York, NY) and
all associated Long-Term Issue Credit Ratings and indicative
Long-Term Issue Credit Ratings, as well as the Long-Term ICRs and
Financial Strength Ratings of its operating subsidiaries are
unchanged by the announcement today that private equity funds
managed by Stone Point Capital LLC and members of the Karfunkel and
Zyskind families (collectively, “the family”), who currently own or
control approximately 43% of AFSI’s common shares, have made a
proposal to the AFSI Board of Directors to acquire the outstanding
public shares of AFSI that are not controlled by the family. The
Credit Ratings (ratings) remain under review with negative
implications.
It is expected that a special committee of the independent
members of the AFSI board will assess the offer and make a
recommendation to the Board of Directors regarding the proposed
transaction. The proposed transaction is subject to a requirement
that it be approved by a majority of the current shareholders,
excluding the family, senior management or their affiliates.
The ratings of AFSI and its operating insurance companies were
placed under review with negative implications on Nov. 6, 2017. At
the time, A.M. Best indicated that the ratings would remain under
review until:
- the close of a transaction with Madison
Dearborn Partners (MDP), under which AFSI will sell MDP certain
U.S.-based managing general agencies and warranty third-party
administrators, and A.M. Best has assessed the impact of the actual
closing terms on risk-adjusted capital; and
- AFSI’s year-end 2017 financials have
been filed, and A.M. Best has assessed the full-year reserve
information to determine appropriate capital charges associated
with enterprise reserves.
As these steps have not been concluded, and as there is no
definitive agreement related to the acquisition of AFSI’s
outstanding public shares at this time, the ratings remain under
review. A.M. Best will continue to monitor developments and take
rating action as conditions warrant.
This press release relates to Credit Ratings that have been
published on A.M. Best’s website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180109006785/en/
A.M. BestJennifer Marshall, CPCU, ARM, +1
908-439-2200, ext.
5327Directorjennifer.marshall@ambest.comorMichael J.
Lagomarsino, CFA, FRM, +1 908-439-2200, ext. 5810Senior
Directormichael.lagomarsino@ambest.comorChristopher Sharkey,
+1 908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy, +1
908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
Amtrust Financial Services, Inc. (delisted) (NASDAQ:AFSI)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Amtrust Financial Services, Inc. (delisted) (NASDAQ:AFSI)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024