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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JULY 02, 2013 12:00 AM (EDT)
A.M. Best Co. has removed from under review with positive implications and upgraded the financial strength ratings to A (Excellent) from A- (Excellent) and issuer credit ratings to “a” from “a-“of Sequoia Insurance Company (Sequoia) (Monterey, CA), Sequoia Indemnity Company (Indemnity) (Las Vegas, NV), Personal Express Insurance Company (Personal Express) (Monterey, CA) and First Nonprofit Insurance Company (First Nonprofit) (Wilmington, DE). The outlook assigned to all ratings is stable.
The ratings reflect the closure of the acquisition of all companies by AmTrust Financial Services, Inc. (ASFI) [NASDAQ:AFSI]. Additionally, the ratings reflect the explicit support provided by AFSI’s Bermuda subsidiary, AmTrust International Insurance, Ltd., in the form of intercompany quota share agreements that were executed following the receipt of regulatory approval. All remaining ratings of ASFI and its subsidiaries are unchanged. (Please see A.M. Best’s press release dated May 24, 2013.)
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.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.