Sirius freed from ‘under review with negative implications’ by AM Best

AM Best has removed from “under review with negative implications” the rating of Sirius Bermuda Insurance Company, Sirius International Insurance Corporation and Sirius America Insurance Company as the Nasdaq listing of the group boosts the independence from its Chinese parent.

Sirius listed on the Nasdaq via a business combination with Easterly Acquisition on Nov. 5, 2018.

AM Best believes that by complying promptly with the Nasdaq listing requirements, Sirius has strengthened its governance and improved its transparency, and thereby has reinforced its independence from its ultimate parent, China Minsheng Investment Group.

The enhanced governance and independence safeguards now in place, as well as the strong regulatory oversight of the jurisdictions in which Sirius and its rated subsidiaries operate, are expected to shield the firm’s financial strength from potential adverse parental influence, AM Best noted.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

ILS issuance declines in Q2

Integrand downgraded due to hurricane impact

Miller makes new hire for credit and political risks team

Allianz reveals new SME leader following departure

WR Berkley appoints CEO, chairman for accident and health

Labuan Re outlook changed to ‘negative’ by AM Best

Don't miss our insurtech email newsletter - sign up today