AM Best Comments on Credit Ratings of Sirius International Insurance Group, Ltd. and Its Main Rated Subsidiaries

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Feb 15, 2019 12:40 pm
LONDON -- 

AM Best has commented that the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “bbb” of Sirius International Insurance Group, Ltd. (SIIG) (Bermuda) [NASDAQ: SG] and Sirius International Group, Ltd. (Bermuda); and the Financial Strength Ratings of A (Excellent) and the Long-Term ICRs of “a” of Sirius Bermuda Insurance Company Ltd. (Bermuda), Sirius International Insurance Corporation (publ) (Sweden) and Sirius America Insurance Company (New York, NY) are unchanged following the reported missed bond payment by and liquidity issues pertaining to their ultimate parent, China Minsheng Investment Group Corp., Ltd. (CMIG).

AM Best believes that SIIG’s listing on the Nasdaq in November 2018, and subsequent compliance with the Nasdaq listing requirements, strengthened its governance and improved its transparency, reinforcing its independence from its ultimate parent, CMIG.

Following the listing, CMIG’s shareholding in SIIG was reduced, and SIIG promptly established a majority independent board of directors. Out of six board directors, only one represents CMIG. AM Best also notes that the independence of SIIG’s board of directors is protected by a shareholders’ agreement, valid until November 2021. Furthermore, SIIG and its rated subsidiaries operate in jurisdictions considered to have strong regulatory oversight, notably Bermuda, Sweden, the United States and the United Kingdom.

AM Best considers that these elements shield SIIG’s financial strength from any potential adverse parental influence, in particular the risk of capital extraction from the company.

AM Best will continue to monitor closely any developments regarding CMIG’s financial strength, and could take prompt action should the mechanisms in place to preserve SIIG’s integrity prove ineffective.

This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Charlotte Vigier
Senior Financial Analyst
+44 20 7397 0270
[email protected]

Ghislain Le Cam, CFA, FRM
Director, Analytics
+44 20 7397 0268
[email protected]

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).