Best’s News & Research Service - January 13, 2016 03:32 PM (EST)
A.M. Best Withdraws Ratings of Auto-Owners Specialty Insurance Company
Oldwick //BestWire// - A.M. Best has withdrawn the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Auto-Owners Specialty Insurance Company (AOSIC) (Dover, DE).
Auto-Owners Insurance Company completed the acquisition of AOSIC, formerly Little River Insurance Company, and its sister company, Atlantic Casualty Insurance Company (Atlantic) on Jan. 1, 2016. As a part of the sale, the intercompany pooling agreement between AOSIC and Atlantic was unwound on Dec. 31, 2015, making AOSIC a clean shell at the time of purchase. The sale of AOSIC has resulted in A.M. Best withdrawing its ratings for this entity.
Atlantic remains under review with positive implications while A.M. Best discusses its function going forward within the Auto-Owners Insurance Group.
This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.
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