Best’s News & Research Service - August 03, 2018 04:32 PM (EDT)
A.M. Best Withdraws Credit Ratings of National Building Material Assurance Company
- August 03, 2018 04:32 PM (EDT)
Oldwick //BestWire// - A.M. Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of National Building Material Assurance Company (NBMA) (Indianapolis, IN).
Clear Blue Specialty Insurance Company completed the acquisition of NBMA on July 23, 2018. Concurrent with the sale, the inter-company pooling agreement between NBMA and its two former affiliates, Pennsylvania Lumbermens Mutual Insurance Company and Indiana Lumbermens Mutual Insurance Company, collectively known as Pennsylvania Lumbermens Group, was revised effective April 30, 2018, making NBMA a clean shell at the time of sale. The sale of NBMA has resulted in A.M. Best withdrawing the Credit Ratings (ratings) of this entity. A.M. Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating update was not able to be completed, as NBMA was a clean shell at the close of the transaction.
This press release relates to Credit Ratings 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. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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