SIRIUS REMOVED FROM AM BEST NEGATIVE REVIEW

Sirius International has received a boost from AM Best after the short-tail specialist’s ratings were removed from “under review with negative implications”. The rating agency also affirmed the financial strength rating of the Bermuda-based group’s operating companies at A (excellent). The removal of the ratings from under review follows Sirius International’s listing on the Nasdaq, via a business combination with Easterly Acquisition Corporation on November 5. AM Best said “by complying promptly with the Nasdaq listing requirements, [Sirius] has strengthened its governance and improved its transparency”, reinforcing its independence from the group’s ultimate parent company, China Minsheng Investment Group. Large losses saw Sirius report a combined ratio of 107.6% in 2017, which was much higher than the five-year weighted average of 89%.