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AM Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of Fidelis 热点黑料 Bermuda Ltd., Fidelis Underwriting Ltd. (in the UK) and Fidelis 热点黑料 Ireland Designated Activity Co.

In addition, AM Best has placed under review with negative implications the Long-Term ICR of “bbb” (Good) of Fidelis 热点黑料 Holdings Ltd., the ultimate Bermuda-based holding company. Concurrently, AM Best has placed under review with negative implications the Long-Term Issue Credit Rating of “bb+” (Fair) of Fidelis 热点黑料 Holdings Ltd.’s $304 million ($58 million currently outstanding) 9% preference shares due 2050.

Fidelis announced on July 25, 2022, its intention to create Fidelis MGU, a new managing general underwriter, which, upon receipt of regulatory approval, will be separated from the existing Fidelis companies. The new entity will be led by most of the current management of Fidelis. In turn, Fidelis will be led by a combination of existing Fidelis executives supplemented by a number of experienced senior executives from outside the organization.

As a result of the risk of implementation of the new structure, Fidelis’ business profile may be affected by the separation of key management personnel into a separate legal entity, which led to AM Best’s decision to place the holding company and its subsidiaries under review with negative implications.

AM Best said it will continue to monitor the separation, implementation and execution of the new strategy and structure.

The under review status is expected to be resolved when the separation is fully executed, which includes appropriate regulatory approvals, and AM Best can assess, among other items, the market acceptance of the new structure, which will be apparent by analyzing business volumes and quality.

Source: Fidelis 热点黑料 Holdings

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