JANUARY 18, 2023 09:30 AM (EST)
AM Best Withdraws Credit Ratings of The American Insurance Company
|Raymond Thomson, CPCU, ARe, ARM |
+1 908 439 2200, ext. 5621
Senior Financial Analyst
+1 908 439 2200, ext. 5032
Manager, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 18, 2023 09:30 AM (EST)
AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of The American Insurance Company (TAIC) (Chicago, IL).
TAIC, previously a subsidiary of Fireman’s Fund Insurance Company and ultimately of Allianz SE, was sold as a clean shell on Jan. 1, 2023. The sale has resulted in AM Best withdrawing the Credit Ratings (ratings).
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.