DECEMBER 14, 2022 01:32 PM (EST)
AM Best Comments on Credit Ratings of Reserve National Insurance Company Following Completion of Acquisition
| Cristian Sieira Financial Analyst +1 908 439 2200, ext. 5714 cristian.sieira@ambest.com Alan Murray Associate Director +1 908 439 2200, ext. 5535 alan.murray@ambest.com | Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com Al Slavin Senior Public Relations Specialist +1 908 439 2200, ext. 5098 al.slavin@ambest.com |
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 14, 2022 01:32 PM (EST)
AM Best has commented that the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent) of Reserve National Insurance Company (Reserve National) (Chicago, IL) remain under review with developing implications following the closing of the sale of Reserve National between Kemper Corporation and Medical Mutual of Ohio.
On Dec. 1, 2022, Medical Mutual of Ohio closed on the acquisition of Reserve National from Kemper Corporation. The acquisition, previously announced August 2022, received all required regulatory approvals necessary for its completion. AM Best notes that a resolution of the under review with developing implications status is expected following an evaluation of the company’s updated financial position, as well as continued discussions with Reserve National and the new parent on the strategic importance of the operating 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 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.