CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - APRIL 27, 2006 12:00 AM (EDT)
A.M. Best Co. has placed the financial strength rating (FSR) of A (Excellent) of the Automobile Club of Missouri Group and its subsidiaries (St. Louis, MO) under review with positive implications.
The rating reflects the announcement of the proposed acquisition of control of the insurance entities associated with the AAA Automobile Club of Missouri: the Automobile Club Inter-Insurance Exchange and the Auto Club Family Insurance Company, by the Interinsurance Exchange of the Automobile Club, which is affiliated with the Automobile Club of Southern California.
The transaction is pending subject to insurance regulatory approval and approval of the subscribers of the Automobile Club Inter-Insurance Exchange. Subscriber voting closes on May 15, 2006. A.M. Best will monitor the progress of the transaction over the next few months.
This transaction offers the Automobile Club of Missouri Group opportunities for diversification of its book of business, support for growth within its own territories as well as infrastructural and financial support from the Automobile Club of Southern California Group. These factors support the positive implications of the under review status. The FSR of the Automobile Club of Southern California Group and its subsidiaries remains unchanged.
The FSR of A (Excellent) has been placed under review for the Automobile Club of Missouri Group and its following subsidiaries:
- Automobile Club Inter-Insurance Exchange
- Auto Club Family Insurance Company
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