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Moody’s drops Mitsui Sumitomo Insurance to negative
Moody's Japan K.K. said it affirmed the A1 insurance financial strength rating and long-term issuer ratings, as well as the A3 (hyb) subordinated bond rating of Mitsui Sumitomo Insurance Co., Ltd. and revised the outlook to negative from stable.
The actions follow the company's announcement of its planned 100% acquisition of Amlin plc (Baa3 (hyb) subordinated debt; A2 insurance financial strength rating on its lead insurance operating entities).
The transaction is expected to close by around January to March 2016.
Moody’s said the outlook change reflects the considerable increase in goodwill and catastrophe risk underwritten by Amlin, which could lead to increased volatility of profitability, which, combined with a reduction in capitalization post-acquisition, increases risk in the short-term.
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