Sen-Tech Acquisition Will Not Affect Fairfax Financial Holdings Ltd. Ratings
- ID: 1781181
- April 2000
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
NEW YORK (Standard & Poor's CreditWire) April 28, 2000--Standard & Poor's today commented on Canada-based Fairfax Financial Holdings Ltd.'s (Fairfax) announcement that it has signed a definitive agreement to acquire Sen-Tech International Holdings Inc. (Sen-Tech). The transaction will be financed through Fairfax's wholly owned subsidiary, United States Fire Insurance Co., or one of the other subsidiaries in the Crum & Forster family, for a total cash purchase price of $65 million. Sen-Tech is an insurance holding company that owns New York-based property/casualty insurer Seneca Insurance Co. Inc. (Seneca) (triple-'Bpi' financial strength rating). With net premiums written of $86.6 million in 1999, Seneca specializes in offering inner-city mainstreet and specialty commercial coverages to mid- and small-size businesses, particularly in the New...
Companies mentioned in this report are: Fairfax Financial Holdings Ltd.,United States Fire Insurance Co.,Seneca Insurance Co. Inc.,Sen-Tech International Holdings Inc.
Action: S&P Event
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