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FOR IMMEDIATE RELEASE
OLDWICK - JULY 13, 2021 09:08 AM (EDT)
AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Western Home Insurance Company (Western Home) (Edina, MN). The Credit Ratings (ratings) had stable outlooks. In addition, Western Home was a member of Western National Insurance Pool; all ratings of the pool’s remaining members remain unchanged.
Western Home was acquired by Obsidian Insurance Holdings, Inc. (Obsidian), a hybrid-fronting group, from Western National Mutual Insurance Company (Western National). Prior to closing, all remaining liabilities were assumed by Western National.
Western Home, a Minnesota-domestic insurer, is commercially domiciled in California and holds certificates of authority in five other states. Western Home was acquired as a “clean shell” to support the strategy and growth of Obsidian. Prior to acquisition, Western Home, incorporated in 1973, was a broadly authorized personal and commercial lines subsidiary of Western National.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.