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S&P puts Tokio, HCC Insurance on CreditWatch negative
S&P said it placed the ratings for HCC Insurance Holdings, Inc., or TMHCC, and its core and guaranteed operating companies on CreditWatch with negative implications, citing the planned acquisition of PURE Group by Tokio Marine Holdings, Inc., or TMHD, through HCC.
“The CreditWatch placement reflects the limited information on the financing to support the acquisition of PURE Group. We understand, however, that the vast majority of the funding for the acquisition will be provided by TMHD. The capital-light nature of PURE leads to TMHCC’s assumption of a significant amount of intangibles and goodwill. Due to the nature of the arrangement with PURE, potential capital needs for the reciprocal exchange could affect TMHCC’s ability to maintain AA capitalization,” said S&P in a press release.
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