6 November 2013

CGSC responds to Moody’s downgrade

Cooper Gay Swett & Crawford (CGSC), the global wholesale and reinsurance broking group, has responded to a recent downgrade by Moody’s from B2 to B3.

Toby Esser, the group CEO of CGSC, blamed the downgrade on volatility in its international units. He said that he was also confident these were short term.

“Our business in North America is showing very strong momentum and growth not seen for a number of years. It is disappointing to see that some volatility we have experienced in our international units in 2013 has resulted in a downgrade, as we are confident these are short term in nature,” he said.
“Nevertheless, we enter the latter part of the year and into 2014 in great shape. We have just completed the NMB transaction which complements and strengthens our UK business enormously. We also have a number of further potential value-added investments underway.
“Despite the downgrade, our financing costs and investment firepower remains unaffected and we retain strong and supportive equity partners. CGSC remains very hungry for further growth opportunities.”

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