SINGAPORE, Feb 17 (Bernama-BUSINESS WIRE) -- A.M. Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" of TOWER Insurance Limited (TIL). A.M. Best also has placed under review with developing implications the Long-Term ICR of "bbb-" of TIL's ultimate parent, TOWER Limited (TL). Both companies are domiciled in New Zealand.
The Credit Rating (rating) actions follow the announcement that TL and Fairfax Financial Holdings Limited (Fairfax) have entered into an agreement under which Fairfax will acquire 100% of TL shares at NZD 1.17 per share, for an aggregate purchase price of NZD 197 million.
The Credit Rating (rating) actions follow the announcement that TL and Fairfax Financial Holdings Limited (Fairfax) have entered into an agreement under which Fairfax will acquire 100% of TL shares at NZD 1.17 per share, for an aggregate purchase price of NZD 197 million.
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