CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JULY 24, 2007 12:00 AM (EDT)
A.M. Best Co. has placed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating of "a-" of Seaworthy Insurance Company (Seaworthy) (Annapolis, MD) under review with positive implications.
These rating actions follow the announced stock purchase agreement entered into by Seaworthy's parent company, Boat America Corporation (Boat America) (Alexandria, VA), and National Indemnity Company (National Indemnity) (Omaha, NE), a member of the National Indemnity Group.
As part of the stock purchase agreement, Boat America's shares are to be purchased by National Indemnity in a transaction that is expected close in third quarter 2007, subject to regulatory and board approvals. This transaction has received antitrust clearance from the Federal Trade Commission and remains subject to approval from the Maryland Department of Insurance. The ratings will remain under review pending A.M. Best's analysis of Seaworthy's risk-adjusted capitalization and business position upon completion of the acquisition.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.