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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 03, 2023 04:17 PM (EDT)
AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa” (Superior) of Interinsurance Exchange of the Automobile Club, a member of Auto Club Enterprises Insurance Group (ACE) (Costa Mesa, CA), remains unchanged following the announcement that it has agreed to acquire Wawanesa General Insurance Company (San Diego, CA). The transaction is subject to regulatory approval and other customary closing conditions and is expected to close before the end of 2023.
On Aug. 1, 2023, The Wawanesa Mutual Insurance Company announced that it has entered into a definitive agreement to sell Wawanesa General Insurance Company to Automobile Club of Southern California’s affiliated insurer, Interinsurance Exchange of the Automobile Club. Wawanesa General offers personal automobile and homeowners’ coverages primarily in California.
Following the close of the transaction, AM Best will continue to discuss the transaction’s progress with ACE’s management and assess its impact on operations.
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.