CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - OCTOBER 19, 2011 12:00 AM (EDT)
A.M. Best Co. has withdrawn the ratings of Kingsway Financial Services Inc. (Canada), Kingsway America Inc., Mendota Group and its members, Mendota Insurance Company and its wholly owned subsidiary, Mendakota Insurance Company (all domiciled in St. Paul, MN), as well as Kingsway Reinsurance Corporation (Barbados) and Universal Casualty Company. These withdrawals follow Kingsway Financial Services Inc.'s request to no longer participate in A.M. Best's interactive rating process. All companies are domiciled in Elk Grove Village, IL, unless otherwise specified. (See below for a detailed listing of the companies and ratings.)
The issuer credit ratings of "c" have been withdrawn for Kingsway Financial Services Inc. and Kingsway America Inc.
The financial strength ratings of C+ (Marginal) and issuer credit ratings of "b-" have been withdrawn for Mendota Group, Mendota Insurance Company, Mendakota Insurance Company and Kingsway Reinsurance Corporation.
The financial strength rating of D (Poor) and the issuer credit rating of "c" have been withdrawn for Universal Casualty Company.
The following debt ratings have been withdrawn:
Kingsway Financial Services Inc.—
- "c" on CAD 100 million 6% senior unsecured debentures, due 2012 (currently CAD 1.7 million outstanding)
Kingsway America Inc.—
- "c" on USD 125 million 7.5% senior unsecured notes, due 2014 (currently USD 27 million outstanding)
- "c" on USD 74.1 million 7.12% senior unsecured notes, due 2015 (currently USD 19.7 million of the related KLROC debt is in the possession of non-KFSI owners)
The principal methodology used in determining these ratings is Best's Credit Rating Methodology - Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.