OLDWICK, NJ–(BUSINESS WIRE)–AM Best removed the financial strength rating of A+ (Superior) and the issuer’s long-term credit rating of “aa” (Superior) from Associated Indemnity Corporation (AIC) (headquarters in Chicago, IL). At the time of withdrawal, these credit ratings (ratings) were stable.
AM Best withdrew these ratings as AIC is no longer a venture entity and is not currently part of any reinsurance or pooling arrangements that would warrant support from another entity. AM Best does not currently perform ratings on non-risk bearing entities. Should AIC once again become a venture entity, the company would be eligible to participate in AM Best’s interactive rating process.
Effective January 1, 2022, WCF National Insurance Company completed its acquisition of AIC from Fireman’s Fund Insurance Company. AIC was acquired as its own 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 transactions conducted by AIC prior to the date of sale.
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