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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 18, 2018 02:52 PM (EDT)
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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