AM Best affirms OneBeacon ratings
AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) of Atlantic Specialty Insurance Company and its rated affiliates. Collectively, these companies are referred to as OneBeacon Insurance Group.
AM Best has also removed from under review with positive implications and upgraded the Long-Term ICRs to “bbb+” from “bbb”, and the Long-Term Issue Credit Rating to “bbb+” from “bbb” on issued securities. The indicative Long-Term IRs on the shelf registrations of OneBeacon’s publicly traded parent, OneBeacon Insurance Group, which is based in Hamilton, Bermuda and OneBeacon US Holdings, have also been upgraded. The outlook assigned to these Credit Ratings is stable.
In addition, AM Best has removed from under review with developing implications and withdrawn the Long-Term ICR of “bbb” of the group’s ultimate parent, White Mountains Insurance Group. The withdrawal of these ratings upon transaction close is in accordance with AM Best policies and procedures.
These rating actions follow confirmation that White Mountains has closed on its planned sale of OneBeacon to Intact Financial Corporation.
The ratings upgrades of the OneBeacon entities reflect the financial and operational benefits that will be derived from IFC’s position as a larger, higher-rated organisation. AM Best will continue to monitor the integration of OneBeacon, specifically regarding IFC’s future operating plans for OneBeacon.
The Long-Term ICRs have been upgraded to “a+” from “a” and the FSR of A (Excellent) affirmed with both ratings assigned a stable outlook for Atlantic Specialty Insurance Company and its affiliates Homeland Insurance Company of New York, Homeland Insurance Company of Delaware, OBI National Insurance Company, OBI America Insurance Company and Split Rock Insurance.
