A.M. Best has maintained the under review status with negative implications for the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb" of Sirius International Group Ltd. (SIG) (Bermuda). In addition, A.M. Best has maintained the under review status with negative implications for the Financial Strength Ratings of A (Excellent) and the Long-Term ICRs of "a" of SIG's main subsidiaries: Sirius Bermuda Insurance Co. Ltd. (Bermuda), Sirius International Insurance Corp. (Sweden), and Sirius America Insurance Co. (New York, NY).
These rating actions follow the announcement on June 25, 2018, that SIG's parent, Sirius International Insurance Group Ltd. (SIIG) and Easterly Acquisition Corp. (Easterly) have executed a definitive agreement and plan of merger for a proposed business combination that would result in SIIG becoming a publicly listed company. In addition, SIIG has announced that the agreement for it to acquire a controlling interest in Phoenix Holdings Ltd. (The Phoenix) (a leading Israeli composite insurer) will terminate on or prior to July 2, 2018.
These ratings were first placed under review with negative implications on Nov. 27, 2017, following the announcement of the agreement for SIIG to acquire a controlling interest in The Phoenix.
Source: A.M. Best Ratings Services, Inc. Used under license.