Fitch and A.M. Best Comment On CPPIB Acquisition Announcement
Fitch and A.M. Best Comment on CPPIB Acquisition Announcement
March 26, 2014
(Wilton, CT) Fitch Ratings has placed the ratings of Wilton Re on Rating Watch Positive following the announcement on March 21 that Canada Pension Plan Investment Board (“CPPIB”) will be acquiring the stock of Wilton Re Holdings Limited. The ratings announcement relates to Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, Wilton Reassurance Life Company of New York and Texas Life Insurance Company (collectively referred to as Wilton Re), as well as the long-term Issuer Default Rating (IDR) of ‘BBB+’ of Wilton Re Holdings Limited.
Fitch stated it views the transaction as a potential credit positive for Wilton Re, since it removes uncertainty regarding the long-term ownership structure of the company and improves the company’s financial flexibility. The full press release from Fitch can be accessed here: Fitch – Wilton Re Press Release.
A.M. Best also commented that the ratings of Wilton Re Holdings Limited and its insurance subsidiaries remain unchanged following the recent announcement. The full article from A.M. Best can be accessed here.
For more information please contact Ray Eckert at 203-762-4436 or at [email protected]