Folgate rating upgraded after Hadron deal
AM Best has upgraded the Financial Strength Rating of Folgate Insurance following its acquisition by US hybrid carrier Hadron.
The ratings agency boosted Folgate to A- (excellent) from B (fair) and the long-term issuer credit rating (long-term ICR) to ‘a-‘ (excellent) from ‘bb+’ (fair) in light of the deal announced in February.
It had placed the ratings under review with positive implications after the takeover.
The outlook assigned to these credit ratings is now ‘stable’, AM Best continued, adding: “The ratings reflect Hadron group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate
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