The credit ratings of Bermudian-based Hagerty Reinsurance Ltd remain unchanged after the announcement that Hagerty Insurance Holdings has entered into a stock-purchase agreement with Everspan Insurance Company to acquire all the issued and outstanding capital stock of Consolidated National Insurance Company, ratings agency AM Best has said.

Hagerty Inc, the ultimate parent of Hagerty Re, announced its intention for Consolidated National Insurance Company to become a new carrier platform and provide a differentiated line of business, allowing it to continue to drive premium growth and retention of underwriting profits.

AM Best said the acquisition is not expected to have any material impact on Hagerty Re’s balance sheet strength or any near-term material impact on the ultimate parent, Hagerty Inc.

The ratings agency said it will continue to monitor the transaction through closing and potentially take rating action should any factor associated with the deal change materially.