AM Best Withdraws Credit Ratings of MAPFRE Insurance Company of Florida

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has withdrawn the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of MAPFRE Insurance Company of Florida (MAPFRE Florida) (Miami, FL).

AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process. MAPFRE Florida is no longer participating in its group’s reinsurance pooling agreement that formed the basis for the rating. MAPFRE Florida is wholly-owned subsidiary of MAPFRE U.S.A. Corp., whose ultimate parent is Spain-based Fundación MAPFRE (MAPFRE).

AM Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating could not be completed due to the lack of forward-looking financial information necessary to support the formation of a current rating opinion.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.