Fitch changes Sirius watch to negative

Fitch Ratings said it revised the Rating Watch for Sirius International Group, Ltd. to negative from evolving.

The agency also affirmed the ratings for OneBeacon Insurance Group, Ltd. and the insurer financial strength rating for its operating subsidiaries.

In addition, Fitch affirmed the ratings for White Mountains Insurance Group, Ltd.

The action on Sirius follows a discussion with Sirius' management and with China Minsheng Investment Co., Ltd. about integration plans after China Minsheng’s purchase of Sirius. China Minsheng will purchase from White Mountains all of its outstanding shares of Sirius' parent, Sirius International Insurance Group, Ltd., for 1.3 times tangible book value, or $2.2 billion based on Sirius' June 30 tangible book value

The transaction is expected to close in the first quarter 2016 and is subject to regulatory approvals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.