AM Best Withdraws Credit Ratings of 21st Century Preferred Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Nov 19, 2019--
AM Best has withdrawn the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of 21st Century Preferred Insurance Company (21st Century) (Harrisburg, PA). At the time of the withdrawal, these Credit Ratings (ratings) were under review with negative implications.
AM Best has withdrawn these ratings as 21st Century is not a risk-bearing entity, nor is it part of any reinsurance or pooling agreement that would warrant rating support from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 21st Century were to become a risk-bearing entity, the company would potentially be eligible to participate in AM Best’s interactive rating process.
AM Best placed the ratings under review with negative implications on Sept. 19, 2019, following the announcement that 21 st Century was to be acquired by Trisura Group Ltd. (Trisura). The previous under review with negative implications status was driven by the rating differentials between Trisura and 21st Century’s previous owner, Farmers Insurance Group. The acquisition successfully closed on Nov. 1, 2019.
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 Understanding 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 provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: Daniel Heitlinger, CFA, CAIA
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Raymond Thomson, CPCU, ARe, ARM
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KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: AM Best
Copyright Business Wire 2019.
PUB: 11/19/2019 03:31 PM/DISC: 11/19/2019 03:31 PM