Ratings Roundup: Atrium; Hardy; Beazley; Amlin; Cathedral; RIMAC

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb+” of Atrium Underwriting plc, the non-operating holding company of Atrium Underwriters Limited (AUL). Best also revised the outlook to positive from stable, “in line with the outlook on Lloyd’s Syndicate 570 and Lloyd’s Syndicate 609, which are managed by AUL.”

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” of Hardy Underwriting Group plc, the non-operating holding company of Hardy Underwriting Agencies Ltd. (HUAL). Best also affirmed the debt rating of “bbb-” on the $30 million floating rate subordinated notes issued by Hardy Group due in 2036. The outlook on all ratings has been revised to positive from stable “in line with the outlook on the ICR of Lloyd’s Syndicate 382, which is managed by HUAL.”

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb+” of the UK’s Beazley Group plc, the non-operating holding company of the Beazley group of companies, and the debt ratings of “bbb-” on the £150 million ($296 million) junior subordinated notes due 2026 and the $18 million junior subordinated notes due 2034 issued by Beazley. Best also revised the outlook on all the ratings to positive from stable, “in line with the outlook on the ICRs of Lloyd’s Syndicate 2623 and Lloyd’s Syndicate 623, which are managed by Beazley Furlonge Ltd.”

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb+” of UK-based Amlin Plc, the non-operating holding company of the Amlin group of companies. Best also affirmed the debt rating of “bbb” on the fixed-to-floating rate subordinated notes issued by Amlin as follows: $50 million due in 2019, $50 million due in 2020 and £230 million ($455 million) due in 2026. The rating agency also revised its outlook on all ratings “to positive from stable, in line with the outlook on the ICR of Lloyd’s Syndicate 2001, which is managed by Amlin Underwriting Limited.”

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” of the UK’s Cathedral Capital Holdings Limited, the non-operating holding company of Cathedral Underwriting Ltd (CUL). Best also affirmed the debt rating of “bbb-” on the floating rate subordinated notes issued by Cathedral as follows: $10 million and €12 million($16.1 million) due 2034. Best also revised the outlook on all ratings “t positive from stable in line with the outlook on the ICR of Lloyd’s Syndicate 2010, which is managed by CUL.”

Fitch Ratings has assigned an international scale insurer financial strength (IFS) rating of “BBB-” to RIMAC Internacional Compania de Seguros y Reaseguros (RIMAC) with a stable outlook. The rating “reflects its sound operating performance, adequate business diversification, the good quality of its investment portfolio, the extensive track record of RIMAC operations, and its well established franchise in Peru,” said Fitch.