A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Bermuda-based Validus Reinsurance, Ltd. and ICR of “bbb-” of Validus Holdings, Ltd. are unchanged following the recent unsolicited offer by Validus Holdings to acquire IPC Holdings Ltd. (See IJ web site – /news/international/2009/04/02/99263.htm, and above article).
Best also said that the indicative ratings of “bbb-“, “bb+” and “bb” of senior debt, subordinated debt and preferred stock shelf registration, respectively, of Validus Holdings also are unaffected by these recent developments.
Validus Holdings announced its “unsolicited competing offer to acquire IPCRe for approximately $1.68 billion in a stock-for-stock transaction,” on March 30, Best explained. The rating agency also said that while it “believes the proposed transaction would be material to Validus, there are no rating implications at this time resulting from the offer itself.
“However, should the offer be accepted by IPCRe,” Best said it “would likely place the ratings of Validus under review pending the completion of an evaluation of the transaction on a combined entity basis.”
Source: A.M. best –
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