17 May 2017News

Hamilton FSR placed under review by AM Best

Rating agency AM Best has placed the financial strength rating of A- (Excellent) of Hamilton Re, Hamilton Specialty Insurance Company and Hamilton Insurance Company under review with developing implications.

The company said that the action comes in the wake of the resignation of Hamilton Insurance Group chairman and CEO Brian Duperreault, who left the company to become the new president, CEO and director of American International Group, (AIG).

AM Best added that the rating action also reflected AIG’s tentative agreement to acquire all of the outstanding shares of Hamilton US Holdings (HUSA), a wholly owned subsidiary of Hamilton Insurance Group, for approximately $110 million; the transfer of Attune ownership from HUSA to Hamilton Insurance Group; as well as other provisions, as outlined in a memorandum of understanding negotiated between AIG, Hamilton, and Two Sigma Insurance Quantified.

According to the rating agency the under review with developing implications status reflects the complex nature of the transaction, with potential financial and operational benefits and disadvantages. Hamilton will remain under review pending AM Best’s evaluation of its final revised business plan and full analysis of the transaction.




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16 May 2017   American International Group (AIG) has agreed to buy Hamilton USA from Hamilton Insurance Group.
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15 May 2017   Hamilton Insurance Group has announced that, effective immediately, William Freda has been appointed to the position of chairman of the board and David Brown has been appointed to the position of interim group CEO. The appointments come in the wake of the resignation of Brian Duperreault, who previously held both posts, to lead AIG as its new CEO.
News
6 June 2017   Hamilton Re has announced that it has established its first special purpose vehicle, Turing Re. The vehicle will provide collateralised capacity for Hamilton Re’s global reinsurance portfolio.

More on this story

News
16 May 2017   American International Group (AIG) has agreed to buy Hamilton USA from Hamilton Insurance Group.
News
15 May 2017   Hamilton Insurance Group has announced that, effective immediately, William Freda has been appointed to the position of chairman of the board and David Brown has been appointed to the position of interim group CEO. The appointments come in the wake of the resignation of Brian Duperreault, who previously held both posts, to lead AIG as its new CEO.
News
6 June 2017   Hamilton Re has announced that it has established its first special purpose vehicle, Turing Re. The vehicle will provide collateralised capacity for Hamilton Re’s global reinsurance portfolio.