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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 14, 2018 03:09 PM (EST)
A.M. Best has placed under review with positive implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” of Savers Property and Casualty Insurance Company (Savers) (Clayton, MO).
These Credit Ratings (ratings) have been placed under review with positive implications following the sale of Savers as a shell to State National Companies, Inc. (State National) (headquartered in Bedford, TX), a subsidiary of Markel Corporation (Markel) [NYSE: MKL], by its parent, Star Insurance Company (Southfield, MI). The transaction closed on Nov. 2, 2018.
The ratings will remain under review pending conclusion of A.M. Best’s discussion with management regarding the future business of the company, including its participation in internal reinsurance within the Markel organization.
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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