Best’s News & Research Service - August 29, 2007 03:09 PM (EDT)
A.M. Best Affirms and Withdraws Ratings of Kentucky National Insurance Company
OLDWICK, N.J. //BestWire// - A.M. Best Co. has affirmed the financial strength rating (FSR) of C- (Weak) and the issuer credit rating (ICR) of “cc” of Kentucky National Insurance Company (Kentucky National) (Lexington, KY). The outlook for both ratings is negative. Subsequently, A.M. Best has withdrawn the FSR and ICR and assigned a category NR-3 (Rating Procedure Inapplicable) to Kentucky National.
The withdrawing of the ratings reflects Kentucky National’s inactive status, following the run-off of its business and its ensuing sale to First Kentucky Insurance LLC, which was finalized on August 8, 2007. The parent has added capital to increase surplus to $6 million in anticipation of writing new business at a future date. Kentucky National will write automobile, homeowners, boats, mobile homes and various types of commercial insurance exclusively through independent insurance agents.
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