OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has placed under review with negative implications the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Lombard International Life Assurance Company (Philadelphia, PA), Lombard International Life Assurance Company of New York (New York, NY), Lombard International Life Assurance Company (Bermuda) Ltd. (Bermuda) and Lombard International Life Ltd. (Bermuda).
These Credit Rating (ratings) were placed under review with negative implications following the announcement by Lombard International Group that it has entered into a definitive agreement to sell its U.S.- and Bermuda-based businesses to BroadRiver Asset Management and its affiliated entities. The negative implications are due to the uncertainty regarding BroadRiver Asset Management’s intentions and capitalization plans for the entities being acquired. These ratings will remain under review until the transaction closes, all customary regulatory approvals are received and AM Best evaluates BroadRiver Asset Management’s role in these entities.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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