A.M. Best has assigned an issuer credit rating of bbb+ to UK-based Beazley, the non-operating holding company of the Beazley group.
The ratings company has also assigned a rating of bbb- to the imminent $18m of floating rate subordinated notes due 2034 to be issued by the company.
The proceeds of the issue will partially fund the acquisition of Omaha Property and Casualty Insurance (OPAC), a U.S. admitted lines insurer, currently rated A-. A.M. Best said OPAC's rating is under review with
developing implications pending completion of the acquisition.
The ratings company said the notes will be junior to all other forms of debt issued by Beazley. The outlook for both ratings is stable.
