CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JANUARY 08, 2014 12:00 AM (EST)
A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit ratings to “a” from “a-” of Developers Surety and Indemnity Company (Developers) (West Des Moines, IA) and its wholly owned subsidiary, Indemnity Company of California (Indemnity) (Irvine, CA). All ratings have been removed from under review with positive implications and assigned a stable outlook.
The ratings reflect the closure of the acquisition of Developers and Indemnity by AmTrust Financial Services, Inc. (ASFI) [NASDAQ:AFSI]. Additionally, the ratings reflect the explicit support provided by AFSI’s Bermuda subsidiary, AmTrust International Insurance, Ltd., in the form of intercompany quota share agreements that were executed following the receipt of regulatory approval.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.