Best’s News & Research Service - March 03, 2016 03:29 PM (EST)
A.M. Best Withdraws Ratings of United Teacher Associates Insurance Company and Continental General Insurance Company
- March 03, 2016 03:29 PM (EST)
Oldwick //BestWire// - A.M. Best has withdrawn the financial strength ratings of B++ (Good) and the issuer credit ratings of “bbb” of United Teacher Associates Insurance Company (UTA) and Continental General Insurance Company (Continental). Both companies are headquartered in Austin, TX.
The ratings have been under review with negative implications since the April 2015 public announcement of HC2 Holdings, Inc.’s (NYSE: HCHC) agreement to acquire UTA and Continental from American Financial Group, Inc. (NYSE: AFG). The transaction was completed on Dec. 24, 2015. The ratings withdrawals reflect the fact that HC2 Holdings, Inc. has elected not to participate in A.M. Best’s interactive rating process.
While A.M. Best’s policy dictates that final rating updates be done in conjunction with rating withdrawals, final rating updates were unable to be completed due to the absence of sufficient financial and other information necessary to support the formation of current credit opinions for the two companies following the change in ownership.
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 see A.M. Best’s Recent Rating Activity web page.
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