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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 15, 2017 12:11 PM (EST)
A.M. Best has withdrawn the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+”, each with a stable outlook, of Great Lakes Casualty Insurance Company (Great Lakes) (Grand Rapids, MI).
The rating withdrawals reflect the sale of Great Lakes by its ultimate parent company, Main Street America Group Mutual Holdings, Inc. (Main Street) to a subsidiary of Enstar Group Limited, which closed on Oct. 31, 2017. The sale has resulted in A.M. Best withdrawing the Credit Ratings (ratings) of Great Lakes. A.M. Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating was not able to be completed, as the final closing of the transaction occurred prior to notice to A.M. Best.
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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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