AM Best has assigned a Long-Term Issue Credit Rating of "bbb+" (Good) to the recently issued USD 47 million floating rate subordinated notes, due 2041, of Group Ark Insurance Limited (GAIL) (Bermuda). The outlook assigned to the Credit Rating (rating) is stable. The Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of GAIL remain unchanged.
GAIL is using the proceeds from this 11 August 2021 issuance to support the scale-up of the Ark Insurance Holdings Limited group, including its platform at Lloyd's and GAIL's recently established third-party insurance and reinsurance business in Bermuda. AM Best notes that pro forma financial leverage and interest coverage metrics remain at appropriate levels for GAIL's current ratings.
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