CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 11, 2020 01:07 PM (EDT)
AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of CGB Insurance Company (CGB) (Mt. Vernon, IN).
The Credit Rating (rating) action and positive implications reflect the recent announcement that Sompo International Holdings Ltd. with its members being Superior rated will be acquiring CGB. As part of this transaction, CGB becomes part of a larger, more diversified organization with access to capital markets, expanded geographic footprint, enhanced technology and a more sophisticated enterprise risk management platform. AM Best will monitor this transaction closely and resolve the under review status after the close of the transaction, which is expected to occur in the fourth quarter of 2020.
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.