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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

AM Best Places Credit Ratings of Genesis Global Insurance (SAC) Ltd. Under Review With Developing Implications

September 8, 2022 GMT

MEXICO CITY--(BUSINESS WIRE)--Sep 8, 2022--

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Genesis Global Insurance (SAC) Ltd. (Genesis) (Nassau, Bahamas). The rating actions come amid the ongoing events of a prospective capital contribution, as well as the development of Genesis’ reinsurance program and the resulting impact on the company’s balance sheet strength assessment. The ratings will remain under review pending AM Best receiving closing documents and further discussions with the management of Genesis.

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’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best’s Ratings & Assessments.

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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.For more information, visitwww.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220908006048/en/

CONTACT: Olga Rubo, FRM

Senior Financial Analyst

+52 55 1102 2720, ext. 134

olga.rubo@ambest.comAlfonso Novelo

Senior Director, Analytics

+52 55 1102 2720, ext. 107

alfonso.novelo@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comJeff Mango

Managing Director,

Strategy & Communications

+1 908 439 2200, ext. 5204

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jeffrey.mango@ambest.com

KEYWORD: EUROPE MEXICO CENTRAL AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: AM Best

Copyright Business Wire 2022.

PUB: 09/08/2022 03:04 PM/DISC: 09/08/2022 03:04 PM

http://www.businesswire.com/news/home/20220908006048/en