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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 25, 2024 03:14 PM (EST)
AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of National Security Fire and Casualty Company (NSFC). AM Best also has placed under review with negative implications the FSR of B+ (Good) and the Long-Term ICR of “bbb-” (Good) of NSFC’s wholly owned subsidiary, Omega One Insurance Company, Inc. (Omega). In addition, AM Best has placed under review with negative implications the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of NSFC’s affiliated life/health insurer, National Security Insurance Company (NSIC). All companies are domiciled in Elba, AL and are subsidiaries of VR Insurance Holdings, Inc.
The Credit Ratings (ratings) of National Security Group’s members, NSFC and Omega, as well as the ratings of NSIC have been placed under review with negative implications following the announcement that it will be acquired by PhenixFin, a publicly traded asset management group. The under review with negative implications reflects the need for AM Best to fully assess the business strategy, financial, and operational impacts on the group as a result of the proposed acquisition. The ratings will remain under review until the transaction closes and AM Best has reviewed the group’s strategy and capitalization plans. The transaction is subject to customary regulatory review and approval, which is anticipated to be completed in the second quarter of 2024.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.