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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 05, 2021 03:03 PM (EST)
AM Best has withdrawn the Financial Strength Rating of A-(Excellent) and the Long-Term Issuer Credit Rating of “a-” of Georgia Casualty & Surety Company (GCS) (Johns Creek, GA) following its Feb. 1, 2021, acquisition by Builders Mutual Insurance Company. No final Credit Rating (rating) action was taken due to GCS effectively being sold as a shell. The existing ratings of the members of Columbia Insurance Group are unchanged.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.