OLDWICK, New Jersey – (COMMERCIAL THREAD) –AM Best Removed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of âa-â (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.
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