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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 24, 2015 08:52 AM (EDT)
A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to "a" from "a-" of CorePointe Insurance Company (CorePointe) (Birmingham, MI). The ratings have been removed from under review with positive implications and assigned a stable outlook.
The ratings reflect the completed acquisition of CorePointe by AmTrust Financial Services, Inc. (AFSI) [NASDAQ: AFSI]. Additionally, the ratings reflect the implicit and explicit support provided by AFSI's Bermuda subsidiary, AmTrust International Insurance, Ltd. in the form of intercompany quota share agreements that were executed following regulatory approval. All remaining ratings of AFSI and its subsidiaries are unchanged. (Please see A.M. Best's press release dated May 30, 2014.)
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 .
Key insurance criteria reports utilized:
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.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.