KBRA Places Ratings for Lombard International and LIA Holdings on Watch Developing Following Sale Announcement
11 Jul 2024 | New York
KBRA places on Watch Developing the BBB issuer and debt ratings of LIA Holdings Limited (LIAH), as well as the A insurance financial strength rating (IFSR) of Lombard International Assurance S.A. (LIA). The watch status is due to the announced sale of Lombard International Assurance Holdings Sarl (LIAH Sarl) to the Utmost Group plc. The announced sale includes LIA but does not include LIAH. Subject to regulatory approvals, the companies expect the transaction to be completed by the end of 2024.
The Watch Developing status on LIA reflects uncertainty with respect to the near-to-medium impact of the pending acquisition on LIA’s financial position, projected results, risk profile, and business strategy. The Watch Developing status on LIAH and its rated debt due 2024 reflects uncertainty with respect to the winding down of LIAH and the timing of the planned paydown of its debt.
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