Fitch could cut Wilton Re

Fitch Ratings said it placed the A insurer financial strength ratings of Wilton Reassurance Co., Wilton Reinsurance Bermuda Ltd., Wilton Reassurance Life Co. of New York and Texas Life Insurance Co. (collectively referred to as Wilton Re), as well as the long-term issuer default rating of BBB+ of Wilton Re Holdings Ltd., on Rating Watch Positive.

Fitch said the action follows the announcement that Canada Pension Plan Investment Board will be acquiring the stock of Wilton Re Holdings, the privately held holding company that owns Wilton Re. The transaction is expected to close no later than the third quarter of 2014, subject to customary closing conditions and regulatory approvals.

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