CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MAY 24, 2010 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B- (Fair) and issuer credit rating (ICR) of "bb-" of Southern United Fire Insurance Company (Southern United) (Mobile, AL) and assigned a category NR-5 (Not Formally Followed) to the FSR and "nr" to the ICR.
These rating actions follow A.M. Best's confirmation that Southern United has been merged into American Service Insurance Company, Inc. (American Service) and no longer exists. American Service is a wholly owned subsidiary of Kingsway America Inc. The ultimate parent of both companies is Kingsway Financial Services Inc., a Canadian holding company whose common shares are listed on the New York and Toronto Stock Exchanges.
The FSR of B- (Fair) and ICR of "bb-" for American Service are unchanged by this merger and remain under review with negative implications.
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings & Analysis.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at Best's Credit Rating Methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.