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Home>A.M. Best Removes From Under Review with Positive Implications and Upgrades Credit Ratings of OneBeacon Insurance Group, Ltd. and Its Subsidiaries Following Acquisition

A.M. Best Removes From Under Review with Positive Implications and Upgrades Credit Ratings of OneBeacon Insurance Group, Ltd. and Its Subsidiaries Following Acquisition

A.M. Best Removes From Under Review with Positive Implications and Upgrades Credit Ratings of OneBeacon Insurance Group, Ltd. and Its Subsidiaries Following Acquisition

10/03/2017

A.M. Best Removes From Under Review with Positive Implications and Upgrades Credit Ratings of OneBeacon Insurance Group, Ltd. and Its Subsidiaries Following Acquisition

A.M. Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) of Atlantic Specialty Insurance Company (Atlantic Specialty) (New York, NY) and its rated affiliates. Collectively, these companies are referred to as OneBeacon Insurance Group (OneBeacon).

Concurrently, A.M. Best has removed from under review with positive implications and upgraded the Long-Term ICRs to “bbb+” from “bbb”, and the Long-Term Issue Credit Rating (Long-Term IR) to “bbb+” from “bbb” on issued securities. The indicative Long-Term IRs on the shelf registrations of OneBeacon’s publicly traded parent, OneBeacon Insurance Group, Ltd. (OneBeacon Ltd.) (Hamilton, Bermuda) [NYSE:OB], and OneBeacon U.S. Holdings, Inc. (OneBeacon U.S.) (Delaware) have also been upgraded as indicated below. The outlook assigned to these Credit Ratings (ratings) is stable.

In addition, A.M. Best has removed from under review with developing implications and withdrawn the Long-Term ICR of “bbb” of the group’s ultimate parent, White Mountains Insurance Group, Ltd. (White Mountains) (Hamilton, Bermuda) [NYSE: WTM]. The withdrawal of these ratings upon transaction close is in accordance with A.M. Best policies and procedures.

These rating actions follow confirmation that White Mountains has closed on its planned sale of OneBeacon Ltd. to Intact Financial Corporation (IFC) [TSX: IFC].

The ratings upgrades of the OneBeacon Ltd. entities reflect the financial and operational benefits that will be derived from IFC’s position as a larger, higher-rated organization. A.M. Best will continue to monitor the integration of OneBeacon, Ltd, specifically regarding IFC’s future operating plans for OneBeacon Ltd.

The Long-Term ICRs have been upgraded to “a+” from “a” and the FSR of A (Excellent) affirmed with both ratings assigned a stable outlook for Atlantic Specialty Insurance Company and its following affiliates:

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