A.M. Best has removed Ironshore’s status of “under review with negative implications” and affirmed its financial strength rating as A (Excellent) with a negative outlook.
The ratings company placed Ironshore’s rating on negative outlook, reflecting A.M. Best’s concern around Ironshore’s ultimate parent company, Fosun International.
According to A.M. Best, the negative outlook reflects the drag related to the credit profile and high debt leverage measures of Fosun International.
A.M. Best suggested rating factors that could lead to negative rating actions include the inability of Ironshore to make steady progress towards an initial public offering within a reasonable time frame, or a deterioration in Fosun’s credit profile.
