Brit suffers ratings downgrade after QBE sale
AM Best has downgraded the financial strength rating and issuer credit rating of Brit Insurance Limited (BIL) to A- from A and placed the ratings under review with negative implications.
The news came after the announcement of the provider selling its UK regional business to QBE.
The ratings agency also confirmed that it had placed the bbb issuer credit rating of Brit Insurance Holdings, the parent company of Brit Insurance Limited, under review with negative implications.
In a statement AM Best noted: "Brit Insurance has announced that it will undertake a further strategic review of options for BIL's future. The ratings of BIL will remain under review with negative implications
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