AM Best Places Credit Ratings of Concert Insurance Company Under Review With Positive Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Jun 25, 2021--
AM Best has placed under review with positive implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Concert Insurance Company (Concert) (Deer Park, IL) (formerly named CEM Insurance Company [CEMIC]).
Concert’s Credit Ratings (ratings) were placed under review with positive implications following its recent acquisition by Concert Group Holdings, Inc. (formerly named Freedom Enterprise Holdings, Inc.). The under review status considers additional forthcoming capital that is currently being raised by its new owners in partnership with Century Equity Partners and WT Holdings, Inc. A portion of the proceeds will be used immediately to capitalize Concert further, with the remainder of the capital to be used to facilitate broader licensing and expansion initiatives. Concert will provide fronting of traditional products and services to the program market, as well as options for alternative risk transfer structures. The positive implications take into consideration the anticipated capital infusion into Concert and the expectation of an improved level of risk-adjusted capitalization, resulting in a higher balance sheet strength assessment. AM Best will continue to engage in discussions with Concert’s management and fully assess the financial and operational impacts of this endeavor as it progresses. The ratings will remain under review pending the execution of the planned capital infusion into Concert and a meeting with management to discuss future capital contributions to fund Concert’s planned expansion initiatives.
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 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 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. For more information, visit www.ambest.com.
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CONTACT: Adrienne Stark
Senior Financial Analyst
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Senior Financial Analyst
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KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
Copyright Business Wire 2021.
PUB: 06/25/2021 12:52 PM/DISC: 06/25/2021 12:52 PM