CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 21, 2021 10:16 AM (EDT)
AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Boston Indemnity Company, Inc. (BIC), headquartered in Houston, TX. At the time of the withdrawal, these Credit Ratings (ratings) were under review with developing implications.
BIC’s ratings were placed under review with developing implications following an agreement on the sale of BIC from Great Midwest Insurance Company, a subsidiary of Skyward Specialty Insurance Group Inc., to Ascot Insurance Company, a member of the Ascot group.
BIC is an admitted surety writer domiciled in South Dakota and licensed in 46 states and the District of Columbia. The transaction, which did not transfer BIC’s existing business, closed on Oct. 4, 2021.
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 specializing 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.