The ratings of HICI
's Bermuda based affiliate, Hiscox Insurance Co (Bermuda) Ltd (Hiscox Bermuda) are extended to HICI
, AM Best said.
HICI was formed in April when ICI agreed to sell its polyurethanes, titanium dioxide and selected petrochemicals businesses to Huntsman for about pounds 1.
ICI agreed to hold a 30 per cent stake in its former businesses through HICI as part of the deal.
Best's group rating methodology and take into consideration the role and strategic importance of HICI
to its Bermudian parent holding company, Hiscox Ltd.
Best has afforded Hiscox USA and HICI
full rating enhancement, and both have been extended the ratings of HICI
's Bermuda-based affiliate, Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda).