CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JANUARY 09, 2007 12:00 AM (EST)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of C++ (Marginal) and the issuer credit rating (ICR) of "b" and assigned an NR-5 (Not Formally Followed) to Guaranty National Insurance Company (Guaranty National).
Effective December 28, 2006, Guaranty National was merged into Security Insurance Company of Hartford (Security). Security is an indirect wholly owned subsidiary of Royal & SunAlliance USA, Inc. (R&SA), which is expected to be sold to Arrowpoint Capital Corp., a new company formed by R&SA's existing management team in 2006. All companies are domiciled in Delaware.
R&SA's FSR of C++ (Marginal) and ICR of "b" are under review with developing implications pending the completion of the proposed sale to Arrowpoint Capital Corp. later in 2007.
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