Best’s News & Research Service - July 09, 2015 02:15 PM (EDT)
A.M. Best Withdraws Ratings of TransAm Assurance Company
- July 09, 2015 02:15 PM (EDT)
Oldwick //BestWire// - A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of TransAm Assurance Company (TransAm) (Phoenix, AZ), a subsidiary of Trans World Assurance Company (TWA). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings of TransAm in response to the company's request to no longer have this entity participate in A.M. Best's interactive rating process.
The affirmation of the ratings reflects TransAm's strong capital position in excess of its insurance liabilities, partially offset by the run-off nature of its business profile. The company's investment portfolio is of excellent credit quality and highly liquid. TransAm's business profile is modest as all of its remaining liabilities are in run-off with a minor level of operating losses recorded over the past two years.
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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