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Fitch places Amlin plc on rating watch negative

10 September 2015 09:46

Fitch Ratings has placed Amlin's long-term issuer default rating of 'A-' on rating watch negative. Amlin's main operating entities' insurer financial strength ratings of 'A+' have also been placed on RWN.

The ratings agency says this follows the announcement that Mitsui Sumitomo Insurance Company Ltd has reached an agreement to acquire Amlin.

Fitch says MSI's ratings are currently constrained by Japan's long-term local currency IDR (A/stable), because of its large holdings of Japan government bonds and relatively limited net premiums contribution from overseas (less than 20% of net premiums).

Fitch says RWN reflects the lower rating of Amlin's prospective parent. It will be resolved upon completion of the transaction, which is subject to approvals from Amlin's shareholders, financial regulators and competition law authorities in various countries.

At 9:46am: (LON:AML) Amlin PLC share price was -0.75p at 654.25p

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