DECEMBER 18, 2020 12:12 PM (EST)
AM Best Withdraws Credit Ratings of Unigard Insurance Company and Southern Fire & Casualty Company
|Edward J. Zonenberg |
Senior Financial Analyst
+1 908 439 2200, ext. 5135
+1 908 439 2200, ext. 5325
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 18, 2020 12:12 PM (EST)
AM Best has withdrawn the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of Unigard Insurance Company and Southern Fire & Casualty Company. Both companies are domiciled in Sun Prairie, WI.
AM Best has withdrawn the Credit Ratings (ratings) of these companies, as they are no longer subsidiaries of QBE Insurance Group Limited, and are no longer members of QBE’s North America pooling agreement effective Nov. 1, 2020. These companies were sold previously as shell companies to Sentry Insurance a Mutual Company on Nov. 1, 2020, and are now affiliates of the Sentry Insurance Group. Prior to the sale, all outstanding reserves of each company were retained by QBE Insurance Corporation. At this time, both companies no longer bear risk. The Not Rated (NR) status reflects the companies’ position as non-risk-bearing entities and the fact that AM Best does not assign interactive ratings to this type of entity.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.