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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

AM Best Withdraws Credit Ratings of Associated Indemnity Corporation

January 14, 2022 GMT

OLDWICK, N.J.--(BUSINESS WIRE)--Jan 14, 2022--

AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of Associated Indemnity Corporation (AIC)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AM Best has withdrawn these ratings as AIC is no longer a risk-bearing entity, nor is it currently part of any reinsurance or pooling agreement that would warrant rating support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.

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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.

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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.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20220114005437/en/

CONTACT: Daniel Mangano

Senior Financial Analyst

+1 908 439 2200, ext. 5547

daniel.mangano@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comRobert Raber

Director

+1 908 439 2200, ext. 5696

robert.raber@ambest.comJim Peavy

Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: AM Best

Copyright Business Wire 2022.

PUB: 01/14/2022 01:13 PM/DISC: 01/14/2022 01:13 PM

http://www.businesswire.com/news/home/20220114005437/en