AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" to Sirius Specialty Insurance Corporation (SSIC) (Hannover, NH). SSIC is a newly added member of Sirius International Insurance Group, Ltd. (SIIG). These Credit Ratings (ratings) have been placed under review with developing implications pending the completion of the announced merger of SIIG and Third Point Reinsurance Ltd.
The ratings of SSIC reflect SIIG’s consolidated balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Furthermore, SSIC’s ratings also factor in its strategic importance to SIIG.
SSIC has been formed as a New Hampshire-domiciled domestic surplus lines insurer and writes multiple specialty lines of business, including international medical insurance and environmental insurance.
These lines were previously underwritten by an SIIG subsidiary that is an eligible surplus lines carrier in the 50 U.S. states and its territories, and which is listed on the NAIC’s Quarterly Listing of Alien Insurers. The transfer of SIIG’s existing surplus lines business into SSIC, however, moves the capital closer to the risk, thereby reducing existing regulatory and internal administrative complexities.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Dan Hofmeister, CFA, CAIA, CPCU
Senior Financial Analyst
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