June 12: Business Briefs

Arden under negative review

AM Best Co. has placed under review with negative implications the financial strength rating of A- (Excellent) and issuer credit rating (ICR) of “a-” of Arden Reinsurance Company Ltd. (Arden Re) and the ICR of “bbb-” of the parent company, Arden Holdings, Ltd. (Arden Holdings) (both domiciled in Bermuda).

The rating actions follow the recent announcement that Arden Holdings has entered into a definitive agreement with Enstar Group Limited for the acquisition of Arden Re. Enstar will purchase Arden Re for approximately $79.6 million. The transaction is anticipated to close by the end of the fourth quarter of 2013, subject to regulatory approval.

The ratings will remain under review pending the completion of the transaction and A.M. Best’s review of the future business plan and capitalization of Arden Re.

Platinum

Platinum Underwriters Holdings, Ltd. will report financial results for the quarter ended June 30 after the close of trading on the New York Stock Exchange on Wednesday, July 17. 

The Company will host a teleconference to discuss the financial results on Thursday, July 18 at 9am Atlantic Time.

The call may be accessed by dialing 888-791-4321 (US and Canadian callers) or 913-981-5507 (international callers) or in a listen-only mode via the Investor Relations section of Platinum’s website at www.platinumre.com.  Those who intend to participate in the teleconference should register at least ten minutes in advance to ensure access to the call.  Please specify passcode 5503533.