‘Good’ rating assigned to Ark Insurance’s Bermuda-issued debt

AM Best has assigned a ‘good’ credit rating to $47m (£33m) of debt recently issued by Bermuda-based group Ark Insurance.

The floating rate subordinated notes, now rated ‘bbb+’, were issued on 11 August and are due to mature in 2041.

The proceeds from this issuance will be used by Group Ark Insurance to scale up operations, including its recently-established third-party re/insurance business in Bermuda.

Elsewhere, AM Best is maintaining its other ratings of Group Ark Insurance.

This includes ratings of ‘excellent’ for both the financial strength of Group Ark Insurance Limited and its status as a long-term credit issuer.