Sompo Japan Canopius Reinsurance AG Lowered To #BB+# Following Ownership Rating Withdrawn At Company#s Request

Stocks and Financial Services Press Releases Monday March 12, 2018 18:52
LONDON--12 Mar--S&P Global Ratings

LONDON (S&P Global Ratings) March 12, 2018--S&P Global Ratings said today that it lowered its financial strength rating on Sompo Japan Canopius Reinsurance AG (SJCRe) to 'BB+' from 'A+'. At the same time, we withdrew the rating at the issuer's request. The outlook at the time of withdrawal was stable.

The downgrade follows the completion of the sale of Switzerland-based subsidiary SJCRe to Fortuna Holdings Ltd., which is owned by an affiliate of Centerbridge Partners, L. P., a private equity investor. The deal was completed on March 9, 2018.

We previously highlighted concerns regarding new policies assumed by SJCRe and whether they will be covered under its new parent. Post-completion, however, SJCRe's management has confirmed that the insurer will no longer underwrite open market business, with effect from Jan. 1, 2018. SJCRe will focus solely on underwriting intra-group reinsurance.

Furthermore, we do not expect the change of control to affect the parental guarantee provided by Sompo Japan Nipponkoa Insurance, Inc. Therefore, we expect the current policies acquired before the change of ownership will remain guaranteed.

The outlook was stable at the time of the withdrawal.

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