AM BEST PLACES SINGAPORE RE RATINGS UNDER REVIEW

AM Best has placed the A- financial strength ratings of Singapore Re under review with developing implications following the reinsurer’s proposed acquisition by Fairfax Financial. The all-cash offer for Singapore Re by Fairfax was declared unconditional on April 21, 2021. AM Best now expects the transaction to proceed, subject to closing requirements. The ratings will remain under review pending completion of the transaction and until AM Best can fully assess the impact of the change in ownership on Singapore Re’s credit fundamentals and changes in strategy and support provided by the Fairfax group.