OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best Co. has withdrawn the financial strength rating of A-
(Excellent) and issuer credit rating of “a-” of ProAssurance National
Capital Insurance(ProAssurance National) (District of Columbia)
following its merger with and into ProAssurance Indemnity Company,
Inc. (ProAssurance Indemnity)(Birmingham, AL)
On July 1, 2012, ProAssurance Corporation(PRA) (Birmingham, AL)
[NYSE: PRA] completed the merger of these two operating companies.
ProAssurance National policyholders have become policyholders of
ProAssurance Indemnity as a result of this merger. This transaction is
part of PRA’s ongoing strategy to streamline its insurance company
structure into fewer operating companies in order to maximize efficiency.
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a
comprehensive explanation of A.M. Best’s rating process and contains the
different rating criteria employed in the rating process. Key criteria
utilized include: “Risk Management and the Rating Process for Insurance
Companies”; “Understanding BCAR for Property/Casualty Insurers”;
“Insurance Holding Company and Debt Ratings”; and “Rating Members of
Insurance Groups.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS
RESERVED.
A.M. Best Company, Inc.
Robert Raber, 908-439-2200, ext.
5696
Financial Analyst
robert.raber@ambest.com
or
Henry
Witmer, 908-439-2200, ext. 5097
Assistant Vice President
henry.witmer@ambest.com
or
Rachelle
Morrow, 908-439-2200, ext. 5378
Senior Manager, Public
Relations
rachelle.morrow@ambest.com
or
Jim
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Public Relations
james.peavy@ambest.com
Source: A.M. Best Company, Inc.
| Copyright: | Copyright Business Wire 2012 |
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