CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - SEPTEMBER 30, 2009 12:00 AM (EDT)
A.M. Best Co. has assigned a financial strength rating (FSR) of A (Excellent) and an issuer credit rating (ICR) of "a" to Pacific Specialty Property and Casualty Company (PSPCC) (Austin, TX). The assigned outlook is stable.
These rating actions follow regulatory approval of a 90% quota share agreement between PSPCC and its parent, Pacific Specialty Insurance Company (Pacific Specialty) (Menlo Park, CA).
In May 2009, A.M. Best affirmed the FSR of A (Excellent) and ICR of "a" of Pacific Specialty based on its excellent capitalization, solid operating performance and in-depth product knowledge as a predominant California personal and specialty lines writer.
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.