S&P: Sirius view to negative on acquisition news

Standard & Poor’s said it revised the outlook on Sirius International Insurance Group Ltd. to negative from stable.

The agency also said it revised to negative from stable the outlooks on Sirius America Insurance Co. and Sirius International Insurance Corp., the core operating entities of Sirius.

S&P also said it affirmed the ratings on Sirius and its core operating entities.

White Mountains Insurance Group Ltd. recently announced that its subsidiary Sirius International Insurance Group Ltd. would be purchased by China Minsheng Investment Corp. Ltd., the agency said.

The outlook revision reflects the uncertainties surrounding the group’s business and investment strategy and capital management following the change of ownership, the agency said.

Founded in 2014, China Minsheng has a short operating history and Sirius is the first international insurance operation in its investment portfolio, S&P said.

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