OLDWICK, N.J. - (Business Wire) A.M. Best Co. has placed the financial strength rating (FSR) of B++ (Good) and the issuer credit rating (ICR) “bbb” of SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG (SOVAG) (Germany) under review with developing implications. SOVAG’s ratings were placed under review following the acquisition of 54.1% of SOVAG’s share capital by Volga Resources SICAV-SIF S.A. (Volga Resources), a Luxembourg-based investment fund. The transaction has been cleared by the German Federal Supervisory Authority (BaFin); however, it is still subject to approval from the German Anti-Trust Authority (Bundeskartellamt). The rating will remain under review pending completion of A.M. Best’s analysis of the impact of the new ownership on SOVAG.
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Charlotte Vigier, +(44) 20 7626 6264
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Public Relations
Jim Peavy, +1-908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, +1-908-439-2200, ext. 5378
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