Best’s News & Research Service - December 24, 2014 09:32 AM (EST)
A.M. Best Withdraws Ratings of Certain OneBeacon Insurance Group Ltd. Indirect Subsidiaries
- December 24, 2014 09:32 AM (EST)
Oldwick //BestWire// - A.M. Best has withdrawn the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of "a" of OneBeacon Insurance Company, One Beacon America Insurance Company and The Employers' Fire Insurance Company. Additionally, A.M. Best has withdrawn the FSR of B++ (Good) and the ICR of "bbb+" of Potomac Insurance Company (Potomac). All the above companies are domiciled in Harrisburg, PA.
On Dec. 23, 2014, OneBeacon Insurance Group, Ltd. (Bermuda) [NYSE:OB] announced the closing of the sale of these entities to Trebuchet US Holdings, Inc., a wholly owned subsidiary of Armour Group Holdings Limited (known collectively as Armour). Armour does not currently participate in A.M. Best's interactive rating process and has provided no information to A.M. Best regarding the financial position of the companies post-close. A.M. Best has therefore withdrawn the ratings of these companies.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
- Rating Members of Insurance Groups
- Rating Run-Off Insurers and Specialists
- Risk Management and the Rating Process for Insurance Companies
- Understanding BCAR for Property/Casualty Insurers
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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