Press Release - APRIL 18, 2018

A.M. Best Downgrades Credit Ratings of 21st Century National Insurance Company; Places Under Review With Developing Implications


CONTACTS:
 Kenneth Tappen
Senior Financial Analyst
+1 908 439 2200, ext. 5248
kenneth.tappen@ambest.com

Richard Attanasio
Senior Director
+1 908 439 2200, ext. 5432
richard.attanasio@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - APRIL 18, 2018
A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of 21st Century National Insurance Company (21st Century National) (headquartered in Boston, MA), following the announcement of its acquisition by Plymouth Rock Assurance Corporation (PRAC) on April 1, 2018. Additionally, A.M. Best has placed these Credit Ratings (ratings) under review with developing implications.

The downgrade and developing implications status reflects 21st Century National’s new ownership structure by aligning the rating with PRAC’s, as well as A.M. Best’s need to assess the strategic and financial plans for the company. A.M. Best expects to resolve the under review status of the ratings following more in-depth discussions with the company’s management team.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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