A.M. Best Comments on Credit Ratings of Greenlight Capital Re, Ltd. & Its Subsidiaries Following Proposed $100 Million Offeri...
August 03 2018 - 10:01AM
Business Wire
A.M. Best has commented that the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR)
of “a-” of Greenlight Reinsurance, Ltd. (Greenlight Re)
(Cayman Islands) and its affiliate, Greenlight Reinsurance
Ireland, Designated Activity Company (Ireland) are unaffected
by the recent announcement regarding the proposed offering of $100
million of convertible senior notes, due 2023. Furthermore, the
Long-Term ICR of “bbb-” of Greenlight Capital Re, Ltd.
(Cayman Islands) [NASDAQ: GLRE] remains unaffected as well. A.M.
Best’s last Credit Rating (rating) review of these entities took
place on Sept. 28, 2017. The outlook of these ratings remains
stable.
Prior to the issuance of these notes, Greenlight Capital Re,
Ltd. did not have any outstanding debt. Following the issuance of
the notes, the company’s financial leverage will remain well within
A.M. Best’s tolerances, as outlined in Best’s Credit Rating
Methodology, and will not impact the ratings.
This press release relates to Credit Ratings that have been
published on A.M. 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 A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20180803005322/en/
A.M. BestVictoria OhorodnykFinancial
Analyst+1 908 439 2200, ext.
5326victoria.ohorodnyk@ambest.comorSteven Chirico,
CPADirector+1 908 439 2200, ext.
5087steven.chirico@ambest.comorChristopher
SharkeyManager, Public Relations+1 908 439 2200, ext.
5159christopher.sharkey@ambest.comorJim
PeavyDirector, Public Relations+1 908 439 2200, ext.
5644james.peavy@ambest.com
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