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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - FEBRUARY 06, 2009 12:00 AM (EST)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of A+ (Superior) and ICR of "aa-" and assigned a category NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR of Seaboard Surety Company (Seaboard) (New York, NY).
The withdrawal of the ratings reflects the merger of Seaboard with and into the separately rated entity, Travelers Casualty and Surety Company of America (TCSA) (Hartford, CT), an affiliate, effective January 2, 2009, following the approvals of the New York and Connecticut insurance departments. Prior to the merger, Seaboard was a wholly owned indirect property/casualty subsidiary of The Travelers Companies, Inc. (St. Paul, MN) [NYSE: TRV] and a member of Travelers Group.
The FSRs of A+ (Superior) and ICRs of "aa-" of Travelers Group and TCSA are unchanged as a result of this merger.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at
Best's 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.