AM Best downgrades Sompo’s credit rating

AM Best has downgraded the long-term issuer credit rating of Sompo International Holdings, from “a” (excellent) to “a-” (excellent), to harmonise the intermediate holding company credit ratings of SIH with the financial strength ratings of Sompo Japan Insurance. The ratings of the insurance operating companies of SIH remain unchanged.

AM Best has also affirmed the long-term issue credit ratings of “a-” (excellent), which are guaranteed by SIH. The outlook of these ratings is stable.

The following long-term ratings have been affirmed with stable outlooks:

Sompo International Holdings: “a-” (excellent) on $335 million 7% senior unsecured notes, due 2034 (issued by Endurance Specialty Holdings and guaranteed by SIH); and “a-” (excellent) on $300 million 4.7% senior unsecured notes, due 2022 (issued by Montpelier Re Holdings and guaranteed by SIH).