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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 16, 2014 10:04 AM (EDT)
A.M. Best has removed from under review with negative implications and affirmed the financial strength rating of B++ (Good) and the issuer credit ratings of "bbb" of SPARTA Insurance Group's members (collectively known as SPARTA). The outlook assigned to all ratings is negative. SPARTA's members include SPARTA Insurance Company, SPARTA American Insurance Company and SPARTA Specialty Insurance Company. All companies are headquartered in Hartford, CT. Concurrently, A.M. Best has withdrawn the ratings of SPARTA and its members at the request of the group, as SPARTA Insurance Holdings, Inc. and subsidiaries have been acquired by Alea Holdings U.S. Company, a subsidiary of Catalina Holdings (Bermuda) Ltd.
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. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.