Best’s News & Research Service - April 04, 2022 01:05 PM (EDT)
AM Best Places Credit Ratings of Sutton Specialty Ins Co, Sutton Nat Ins Co, Merit Life Ins Co and 777 Re. Ltd. Under Review
- April 04, 2022 01:05 PM (EDT)
Oldwick //BestWire// - AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Sutton Specialty Insurance Company (Oklahoma City, OK) (Sutton Specialty), Sutton National Insurance Company (Oklahoma City, OK) (Sutton National), Merit Life Insurance Co. (Austin, TX) and 777 Re. Ltd. (Hamilton, Bermuda).
These Credit Rating (rating) actions follow the announcement on April 1, 2022, that Brickell PC Insurance Holdings LLC (Brickell), the parent of Sutton Specialty and Sutton National, will acquire, in cash, the remaining shares in Randall & Quilter Investment Holdings Ltd. (R&Q) [AIM: RQIH] that Brickell does not currently own, subject to shareholder and regulatory approval.
The developing implications status reflect uncertainties surrounding the prospective risk-adjusted capitalization of the companies under their ultimate parent, 777 Partners LLC. The ratings will remain under review with developing implications until AM Best has sufficient clarity over each company’s rating fundamentals following the closing of the transaction.
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 Performance Assessments, 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.