Press Release - FEBRUARY 03, 2020
AM Best Places Credit Ratings of National Lloyds Ins. Co. and American Summit Ins. Co. Under Review With Developing Implications
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 03, 2020
The Credit Rating (rating) actions follow HTH’s announcement of a definitive agreement with Align Financial Holdings, LLC (Align) for the sale of HTH’s wholly owned subsidiary, National Lloyds Corporation, an intermediate insurance holding company that owns National Lloyds and American Summit. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in second-quarter 2020.
The ratings will remain under review pending the completion of the transaction and AM Best’s discussion with new ownership. The developing implications are due primarily to the uncertainty and execution risk regarding the transaction and the impact on business profile. Throughout the under-review period, AM Best will monitor the entities’ risk-adjusted capitalization, operating performance, business profile and enterprise risk management.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.