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KBRA noted that the Covid-19 pandemic and other events have led to increased awareness for the financial guaranty product

Programme management business is to be sold to funds advised by Toronto-based Onex Corporation

The ratings agency said the transaction will be accretive to Sagicor Financial’s operating earnings, increase its geographic diversification and lower its overall investment risk

The rating agency noted that a continuation of the favourable fiscal trajectory will further increase the Caribbean island’s credit resilience

The agency said the revision to the ratings outlook reflects the impact of declining risk-adjusted capitalisation

The $400 million fungible add-on to its existing senior secured first-lien term loan was through a private placement

The company is the primary risk carrier within the ASR group, a new entrant in the African corporate specialty reinsurance market

Stable ratings include those of Bermudian-based Prosperity Life Assurance Limited

KBRA said the recent cyberattack on government highlights rising risks but also shows the improving cyber-risk management

Bermuda has maintained its long and short-term issuer ratings at A+ and K1+, respectively, and the outlook remains stable

The ratings reflect Hagerty Re’s balance sheet strength, strong operating performance, neutral business profile and appropriate enterprise risk management

The Kroll Bond Rating Agency has admitted violations of record-keeping provisions and has agreed to be censured