AM Best withdraws credit ratings from Boston Indemnity Company, Inc.

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OLDWICK, New Jersey – (COMMERCIAL THREAD) –AM Best Removed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) from Boston Indemnity Company, Inc. (BIC), headquartered in Houston, TX. At the time of the withdrawal, these credit ratings (ratings) were under review with developing implications.

BIC’s ratings have been placed under review with developing implications following an agreement to sell BIC from Great Midwest Insurance Company, a subsidiary of Skyward Specialty Insurance Group Inc., to Ascot Insurance Company, a member of the Ascot group.

BIC is a licensed guarantor domiciled in South Dakota and licensed in 46 states and the District of Columbia. The transaction, which did not transfer BIC’s existing business, closed on October 4, 2021.

It is AM Best’s policy that a final assessment be completed with an assessment withdrawal. However, a final rating could not be achieved due to the lack of forward-looking financial information necessary to support the formation of a current rating opinion.

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this publication, please see AM Best’s Recent Rating Activity webpage. . For more information on the use and limitations of credit rating reviews, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best Credit Ratings, Best Preliminary Credit Ratings, and AM Best press releases, please see the Guide to Appropriate Use of Best Ratings and Ratings.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.


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