A.M. Best Removes from Under Review with Negative Implications and Affirms Credit Ratings of Indemnity National Insurance Company
The ratings were placed under review with negative implications on
The removal of the under review status follows several discussions with Indemnity’s new owners, KEWA, regarding the company’s future business plans, which includes its geographic expansion that is expected to provide greater long-term diversification for the company. The rating affirmations further acknowledge the experienced management team of KEWA, which brings deep coal mining operational expertise along with a broad insurance background. Despite this expertise, the negative outlooks reflect A.M. Best’s concerns regarding the company’s proposed higher growth profile, and the execution risks associated with implementing both its business plans and the parent’s proposed improvements to its capital structure. While significantly improved relative to the financial leverage immediately post-close, the current overall financial leverage is higher when compared with the pre-transaction capital structure.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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