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Credit ratings agency AM Best has placed At-Bay Specialty Insurance Company (ABSIC) under review with positive implications following the recently announced acquisition of its parent company, At-Bay, Inc., by Munich Re for an enterprise value of USD 575 million.
At-Bay is a US-based InsurSec provider offering cyber insurance and risk management services.
The cyber insurer’s current Financial Strength Rating is A- (Excellent), with a Long-Term Issuer Credit Rating of “a-” (Excellent).
As previously reported, the transaction, which is expected to close in the first quarter of 2027, is subject to customary conditions, including the receipt of required regulatory approvals.
After this, At-Bay will be overseen by Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business. HSB boasts long-standing cyber market expertise and underwriting capabilities, and will support the further growth of At-Bay in the US.
AM Best explained that the under review with positive implications status “reflects the potential financial and operational benefits that ABSIC may derive from being part of a significantly larger insurance organisation, which is of greater financial strength.”
The ratings will remain under review pending completion of the transaction and AM Best’s evaluation of parental support, integration plans and the expected impact on ABSIC’s future business plans.
The post AM Best places At-Bay under review with positive implications amid Munich Re acquisition appeared first on ReinsuranceNe.ws.
đź’ˇ What This Means For You
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đź“° This article is sourced from a trusted insurance industry publication. Legacy Life Insurance Group shares this for informational purposes only. Always consult a licensed advisor for personalized guidance.