OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Transverse Specialty Insurance Company (Transverse Specialty) (Wilmington, DE) and Transverse Insurance Company (Transverse Insurance) (Dallas, TX). Transverse Specialty and Transverse Insurance are collectively referred to as Transverse Insurance Group.
The ratings of Transverse Specialty and Transverse Insurance have been placed under review with positive implications following the announcement on Aug. 10, 2022, that Mitsui Sumitomo Insurance Company, Limited, has entered into an agreement to acquire Transverse Insurance Group, LLC, the parent of the Transverse companies. The under review with positive implications status reflects the potential benefits Transverse would receive from the acquisition. The acquisition is pending approval of regulatory agencies and is expected to close in December 2022. The ratings will remain under review until the close of the transaction and AM Best obtains certainty of the depth and breadth of post-transaction details.
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Source: AM Best