AM Best is reviewing its A- financial strength rating with a negative connotation. [Excellent] ‘a-‘ long-term issuer credit rating [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 Limited. [Bermuda].
According to a rating agency statement, “These credit ratings are [ratings] Negative impact review after Lombard International Group announced it had entered into a definitive agreement to sell its U.S. and Bermuda-based businesses to Broad River Asset Management and its affiliates .
“The negative impact is due to Broad River Asset Management’s intent and uncertainty regarding the capitalization plans of the entity being acquired. Pending approval and AM Best’s assessment of Broadriver Asset Management’s role in these entities, consideration will continue.”
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