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Transaction is a part of a method to increase insurance coverage choices
The credit score rankings of Bermuda-based Hagerty Reinsurance won’t be affected by mother or father firm Hagerty Insurance coverage Holdings’ deliberate acquisition of Consolidated Nationwide Insurance coverage Firm, AM Greatest says.
The transaction, set to be accomplished via a inventory buy settlement with Everspan Insurance coverage Firm is a part of Hagerty’s technique to increase its insurance coverage choices and set up a brand new service platform with Consolidated Nationwide Insurance coverage Firm, aiming to reinforce its enterprise mannequin by diversifying its insurance coverage merchandise and reinforcing its underwriting revenue margins and premium development.
The acquisition can be anticipated to don’t have any vital impact on the monetary power of Hagerty Re’s steadiness sheet, neither is it anticipated to influence Hagerty within the close to time period materially, AM Greatest famous.
That mentioned, the credit score company has indicated it’s going to hold an in depth watch on the developments of the transaction as much as its completion. AM Greatest additionally famous that it would reassess its rankings ought to there be any vital modifications or developments.
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