OCTOBER 14, 2010 12:00 AM (EDT)
A.M. Best Withdraws Ratings of Audubon Companies and National Union Fire Insurance Company of Louisiana Due To Merger
Senior Financial Analyst
(908) 439-2200, ext. 5327
Daniel J. Ryan
(908) 439-2200, ext. 5325
Senior Manager, Public Relations
(908) 439-2200, ext. 5378
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - OCTOBER 14, 2010 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit ratings of "a" and assigned an NR-5 (Not Formally Followed) to the FSRs and "nr" to the ICRs of Audubon Insurance Company (Baton Rouge, LA) and its subsidiary, Audubon Indemnity Company (Jackson, MS) (collectively, the Audubon Companies), and National Union Fire Insurance Company of Louisiana (NUFIC LA) (Baton Rouge, LA). The companies were members of the Chartis US Insurance Group and were subsidiaries of American International Group, Inc. (AIG). All existing ratings of AIG and its subsidiaries are unaffected by these rating actions.
The rating actions reflect the merger of the Audubon Companies and NUFIC LA with and into National Union Fire Insurance Company of Pittsburgh, Pa., the former parent of NUFIC LA and an affiliate of the Audubon Companies, which became effective October 7, 2010.
The principal methodology used in determining these ratings is Best's Credit Rating Methodology - Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.