MAY 26, 2016 12:48 PM (EDT)
A.M. Best Comments on Ratings of Baldwin & Lyons Group Members Following Appointments of New Senior Executives at Parent
Senior Financial Analyst
+1 908 439 2200, ext. 5449
+1 908 439 2200, ext. 5325
Manager, Public Relations
+1 908 439 2200, ext. 5159
Assistant Vice President, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - MAY 26, 2016 12:48 PM (EDT)
A.M. Best has commented that the financial strength ratings and issuer credit ratings of the members of the Baldwin & Lyons Group, Protective Insurance Company and its wholly owned subsidiaries, Sagamore Insurance Company and Protective Specialty Insurance Company, are unchanged following the recent announcements by the ultimate, publicly traded parent, Baldwin & Lyons, Inc. [NASDAQ: BWINA and BWINB] on May 19, 2016, of the resignation of the current chief executive officer (CEO), who also held the title of chief operating officer (COO), the chief financial officer (CFO), and the deputy chairman and the subsequent appointment of a new CEO, Interim CFO and COO. All companies are domiciled in Carmel, IN.
The ratings remain unchanged because given the current information available, A.M. Best does not foresee short-term pressure on the group’s financial performance or business profile as a result of the events and expects that the activation of the succession plan, although accelerated in its implementation, was part of the ordinary course of business. A.M. Best will continue to monitor the developments and implications of the event, including the outcome of the group’s governance review.
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.