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Fitch: Affirmation Likely for Hartford Steam Boiler sale to

 

Thursday, Mar 05,2009, 2:48:03 PM   Click:

Fitch: Affirmation Likely for Hartford Steam Boiler to Munich Re Sale Fitch Ratings NewsRx.com
Hartford Steam Boiler Inspection & Insurance Company (HSB) is likely to be affirmed and removed from Rating Watch the evolution ends HSB Munich Re, according to Fitch Ratings. Fitch comment following the announcement by the parent company of HSB, American International Group Inc (AIG), which he agreed to sell 100% of the outstanding shares of HSB in the Munich Re Group for $ 742 million and taking over $ 76 million of capital securities outstanding. The sale is expected to close in first quarter of 2009.

Fitch originally placed the ratings on Rating Watch Evolving HSB in September 2008 after AIG announced that it planned to sell various subsidiaries, including HSB, under a vast restructuring plan. Fitch rates the insurer Munich Re financial strength (IFS) 'AA-', equivalent to its IFS rating on HSB. Fitch considers that the size of the transaction from both a funding and integration of the Munich Re manageable. The transaction is also in the expectations Fitch developed around potential acquisitions for Munich Re.

AIG From her perspective, Fitch believes that the sale of HSB compatible with the previously announced plan to sell certain operating company subsidiaries as part of a broad restructuring plan announced in September 2008. Fitch also views AIG's sale of HSB generally in line with its expectations.

Copyright © 2009 Investment Weekly News VerticalNews.com by Hartford Steam Boiler Inspection & Insurance Company is likely to be affirmed and removed from Rating Watch the evolution ends HSB Munich Re, according to Fitch Ratings.

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