Best’s News & Research Service - January 14, 2022 10:07 AM (EST)
AM Best Withdraws Credit Ratings of Certain Members of Farmers Insurance Group
- January 14, 2022 10:07 AM (EST)
Oldwick //BestWire// - AM Best has withdrawn the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of 21st Century Indemnity Insurance Company (Harrisburg, PA), 21st Century Pacific Insurance Company (Denver, CO) and 21st Century Auto Insurance Company of New Jersey (West Trenton, NJ), which were previous members of Farmers Insurance Group.
AM Best has withdrawn these Credit Ratings (ratings) as the companies are not currently risk-bearing entities, nor are they currently part of any reinsurance or pooling agreement that would warrant rating support from another entity. AM Best currently does not conduct ratings on non-risk-bearing entities. If these entities were to become risk-bearing entities again, they would be eligible to participate in AM Best’s interactive rating process.
These companies were acquired by Everspan Insurance Company, which is a member of the Everspan Group and currently holds an FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent), on Jan. 1, 2022, as clean dormant shells.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.