A.M. Best Comments on Credit Ratings of The Navigators Group, Inc. and Its Subsidiaries Following Acquisition Announcement
December 18 2017 - 10:52AM
Business Wire
A.M. Best has commented that the Credit Ratings (ratings)
of The Navigators Group, Inc. (Navigators) (headquartered in
Stamford, CT) [NYSE: NAV] and its insurance subsidiaries remain
unchanged following the announcement that Navigators has entered
into a share purchase agreement for the purchase of all the shares
of Assurances Continentales – Continentale Verzekeringen NV (ASCO)
and Bracht, Deckers & Mackelbert NV (BDM), both based in
Antwerp, Belgium. ASCO is a specialty insurance company
underwriting marine and property/casualty insurance, and BDM is an
insurance underwriting agency that offers risk coverages in niche
markets on behalf of ASCO and a number of major international
insurers. Additionally, as part of the transaction, Navigators will
acquire all the shares of Canal Re S.A., a Luxembourg
reinsurance company that is a wholly owned subsidiary of ASCO.
The acquisition is expected to reinforce Navigators’ presence in
the European Union’s (EU) single market, enabling Navigators to
better serve its EU customers after Brexit. Navigators intends to
use ASCO and BDM as its primary platform to serve clients in
continental Europe on an ongoing basis. ASCO and BDM will increase
market penetration for Navigators, adding to its existing
underwriting operations in Antwerp, Madrid, Milan, Rotterdam and
Paris.
Navigators will pay EUR 35 million in cash as aggregate
consideration for the acquisition of the two companies. The
transaction is subject to the satisfaction or waiver of customary
closing conditions, including among other things, the receipt of
regulatory approval, and is anticipated to close in the first half
of 2018.
A.M. Best will continue to monitor the progress of the
transaction and evaluate any developments and implications for
impact on 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 the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20171218005764/en/
A.M. BestJonathan Harris, CFA, FRM+1 908 439
2200, ext. 5771Senior Financial
Analystjonathan.harris@ambest.comorJacqalene Lentz,
CPA+1 908 439 2200, ext.
5762Directorjacqalene.lentz@ambest.comorChristopher
Sharkey, +1 908 439 2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1 908 439 2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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