AM Best has commented that following the close of the acquisition of GBGI Limited (GBGI) by Elm Bidco, L.P. (Bidco) on 20 February 2019, it awaits the company’s revised business plans, which will be used to evaluate the impact of the transaction on the Credit Rating fundamentals of GBG Insurance Limited (GBG) (Guernsey). AM Best expects to conclude this analysis within the coming two months.
On 9 November 2018, AM Best placed GBGs Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of bbb under review with positive implications following the announcement on 5 November 2018, that Bidco and the board of GBGI reached agreement on the terms of a recommended all-cash offer, to be made by Bidco for the entire share capital of GBGI. Bidco is a Cayman Island exempted limited partnership that is controlled by affiliates of Further Global Capital Management, L.P., a private equity firm that invests in the financial services industry.
This press release relates to Credit Ratings that have been published on AM Bests 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 Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases.
AM 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 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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