Fitch Ratings said after Converium's announcement that it is selling of its North American runoff operations that it was placing the Swiss-based insurer on Rating Watch Positive.

Converium AG's Insurer Financial Strength rating with Fitch is BBB minus RWP. The agency said it has also placed other ratings within the Converium group on Rating Watch Positive.

Converium's said it has agreed to sell its North American operations to the Berkshire Hathaway Group for $95 million in cash. In addition, Berkshire Hathaway will assume $200 million of senior debt from the North American operation.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.