A.M. Best Downgrades Ratings of Indemnity Insurance Corp., RRG

A.M. Best Co. has removed from under review with negative implications and downgraded the financial strength rating to E (Under Regulatory Supervision) from B (Fair) and issuer credit rating to "rs" from "bb" of Indemnity Insurance Corp., RRG (IIC) (Wilmington, DE).

The rating actions follow the issuance of a Rehabilitation and Injunction Order by the Court of Chancery of the State of Delaware on November 7. The Rehabilitation and Injunction Order placed IIC in receivership and appointed the Insurance Commissioner of the State of Delaware as receiver.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides an explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process.

A.M. Best Company is an insurance rating and information source.

More Information:

http://www.ambest.com

Best's Credit Rating Methodology:

http://www.ambest.com/ratings/methodology

((Comments on this story may be sent to [email protected]))