AM Best upgrades Lombard International’s under review status

AM Best has revised the under review status of LIA Holdings, which trades as Lombard International, to developing implications from negative implications.

AM Best said it has also affirmed Lombard International’s financial strength rating of A-. The ratings also apply to its subsidiaries.

Lombard International’s ratings were placed under review following its announcement that it had entered into a definitive agreement to sell its US- and Bermuda-based businesses to BroadRiver Asset Management. Lombard ois led by chief executive Stuart Parkinson (pictured).

“The developing implications are due to AM Best’s recent communications with BroadRiver Asset Management regarding its intentions and capitalisation plans for the entities being acquired,” the ratings agency said.

The ratings will remain under review until the transaction closes, AM Best said.

The ratings reflect Lombard International’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).