A.M. Best Downgrades Ratings of First Sealord Surety, Inc.

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has downgraded the financial strength rating (FSR) to F (Liquidation) from C (Weak) and issuer credit rating (ICR) to “rs” from “ccc” of First Sealord Surety, Inc. (FSSI) (Villanova, PA). Both ratings have been removed from under review with negative implications.

The rating actions on FSSI follow confirmation that the Pennsylvania Department of Insurance issued an order of liquidation for the company, effective February 8, 2012.

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”; and “A.M. Best’s Ratings & the Treatment of Debt.” 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 Co.
Gordon McLean, 908-439-2200, ext. 5304
Senior Financial Analyst
[email protected]
or
Gerard Altonji, 908-439-2200, ext. 5626
Assistant Vice President
[email protected]
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
[email protected]
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best Co.