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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - SEPTEMBER 07, 2011 12:00 AM (EDT)
A.M. Best Co. has assigned a financial strength rating of A (Excellent) and issuer credit rating of "a+" to Laurier Indemnity Company (Laurier) (Cedar Rapids, IA). The outlook assigned to both ratings is stable.
These actions follow the execution of an approved pooling agreement between Laurier, California Insurance Company (San Francisco, CA) and Continental Indemnity Company (Cedar Rapids, IA), which make up the North American Casualty Group (NAC).
Effective December 17, 2010, North American Casualty Company (Omaha, NE) purchased all of the issued and outstanding stock of Laurier from Laurier Indemnity Company, Ltd. NAC's ultimate parent is Berkshire Hathaway Inc. [NYSE: BRK.A and BRK.B].
The principal methodology used in determining these ratings is Best's Credit Rating Methodology - Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Additional key criteria utilized include: "Rating Members of Insurance Groups". Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.