AM Best has assigned a bbb- rating to the $15m floating rate subordinate notes due in April 2034 issued by Brit Insurance Holdings (BIH).
At the same time, it assigned a bbb insurer credit rating to BIH.
The outlook for both ratings is stable.
BIH is the ultimate parent of Brit Insurance. Brit's financial strength rating is currently A (excellent) reflecting the company's capitalisation and performance prospects, its improved underwriting diversification and raised business profile, said AM Best.
An offsetting factor is the company's growth plans, which include the risks inherent in commencing underwriting several new classes of business. The outlook on the rating is stable.
