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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JANUARY 12, 2010 12:00 AM (EST)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B+ (Good) and issuer credit rating (ICR) of "bbb-" of Prime Insurance Syndicate, Inc. (Prime Syndicate) (Chicago, IL), and assigned a category NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR.
Effective December 31, 2009, Prime Syndicate merged with and into its immediate parent, Prime Insurance Company (PIC) (Chicago, IL). Accordingly, the FSR of B+ (Good) and ICR of "bbb-" of Prime Insurance Group (Sandy, UT), of which PIC and Prime Syndicate were pooled members, also were withdrawn, and a category NR-5 (Not Formally Followed) was assigned to the FSR and an "nr" to the ICR. Consequently, PIC is now rated on a stand-alone basis, with its FSR of B+ (Good) and ICR of "bbb-" being affirmed with a negative outlook.
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings & Analysis.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at Best's Credit Rating 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.