JANUARY 26, 2016 02:31 PM (EST)
A.M. Best Places Ratings of Century-National Insurance Company Under Review With Negative Implications
Senior Financial Analyst
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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 26, 2016 02:31 PM (EST)
A.M. Best has placed under review with negative implications the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Century-National Insurance Company (CNIC) (Van Nuys, CA).
The rating actions follow National General Holdings Corp.’s (NASDAQ: NGHC) announcement on Jan. 25, 2016, that it had entered into an agreement to acquire CNIC. The negative implications are driven by National General Holdings Corp.’s insurance operating subsidiary, Integon National Insurance Company, having lower ratings than CNIC and the expected integration of CNIC. The transaction is expected to close in the second quarter of 2016, subject to customary closing conditions and regulatory approvals.
The ratings will remain under review pending the close of the transaction and A.M. Best’s completion of the transaction details.
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 see A.M. Best’s Recent Rating Activity web page.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.