JANUARY 14, 2022 12:26 PM (EST)
AM Best Withdraws Credit Ratings of Associated Indemnity Corporation
Senior Financial Analyst
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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 14, 2022 12:26 PM (EST)
AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of Associated Indemnity Corporation (AIC) (headquartered in Chicago, IL). At the time of the withdrawal, these Credit Ratings (ratings) were stable.
AM Best has withdrawn these ratings as AIC is no longer a risk-bearing entity, nor is it currently part of any reinsurance or pooling agreement that would warrant rating support from another entity. AM Best currently does not conduct ratings on non-risk-bearing entities. If AIC were to become a risk-bearing entity again, the company would be eligible to participate in AM Best’s interactive rating process.
Effective Jan. 1, 2022, WCF National Insurance Company completed its acquisition of AIC from Fireman’s Fund Insurance Company. AIC was acquired as a clean shell. Under the terms of the transaction, Fireman’s Fund Insurance Company will reinsure and indemnify WCF National Insurance Company for all policies issued and operations conducted by AIC prior to the date of sale.
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 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.