Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 301

AM Best Places Credit Ratings of The Guarantee Company of North America

Posted by fidest press agency su martedì, 20 agosto 2019

AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of The Guarantee Company of North America (Toronto, Ontario, Canada) and its subsidiary, The Guarantee Company of North America USA (Southfield, MI), collectively referred to as the Guarantee Companies. These companies are wholly owned subsidiaries of Princeton Holdings Limited.
The Credit Rating (rating) actions follow the announcement that Intact Financial Corporation (Intact) has entered into an agreement to acquire the Guarantee Companies from Princeton Holdings Limited. The transaction is subject to customary closing conditions, including regulatory approvals in the United States and Canada, and is expected to close in the fourth quarter of 2019.The under review with positive implications status reflects the need for AM Best to further and fully assess the financial and operational impacts of the acquisition. In addition, the positive implications considers the successful track record that Intact has established with similar transactions in the past, and the benefits of operational synergies with Intact and its subsidiary companies. AM Best will continue to hold discussions with Intact and Guarantee Companies’ management and monitor the Guarantee Companies’ balance sheet strength, operating performance, business profile and enterprise risk management through the close of the transaction.

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