JUNE 16, 2022 02:53 PM (EDT)
AM Best Comments on Credit Ratings of Sutton Specialty Insurance Company and Sutton National Insurance Company
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 16, 2022 02:53 PM (EDT)
AM Best has commented that the Credit Ratings (ratings) of Sutton Specialty Insurance Company and Sutton National Insurance Company (both domiciled in Oklahoma City, OK) (collectively referred to as Sutton National) are unchanged following the announcement by Vida Capital that it would sell 34,218,366 shares of Randall & Quilter Investment Holdings Ltd. (R&Q). The R&Q shares were pledged as collateral by Brickell PC Insurance Holdings LLC (Brickell PC) to a loan supplied by Vida Capital to 777 Partners LLC, the main economic backer of Brickell PC. Brickell PC is the parent of Sutton National.
Assuming the sale of the shares is completed as contemplated currently, AM Best does not expect the transactions execution to result in any immediate changes to Sutton National’s ratings.
AM Best will continue to monitor the transactions and take any appropriate actions should they become necessary.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.