Press Release - APRIL 13, 2018
A.M. Best Places Credit Ratings of National Building Material Assurance Company Under Review with Developing Implications
FOR IMMEDIATE RELEASE
OLDWICK - APRIL 13, 2018
The rating action follows the recent disclosure that NBMA’s parent, Indiana Lumbermens Mutual Insurance Company (ILM), has entered into a definitive agreement to sell its 100% ownership in NBMA to Clear Blue Specialty Insurance Company. The transaction is expected to close on or after June 30, 2018, subject to regulatory approvals.
Prior to the sale, the inter-company pooling agreement between Pennsylvania Lumbermens Mutual Insurance Company, ILM and NBMA, collectively known as Pennsylvania Lumbermens Group, will be revised, making NBMA a clean shell at the time of sale.
The under review with developing implications status for NBMA reflects the likelihood that A.M. Best will, in accordance with its policies and procedures, withdraw the ratings of NBMA once the pooling agreement is amended and A.M. Best completes its review of the revised agreement.
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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