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FOR IMMEDIATE RELEASE
OLDWICK - JULY 12, 2018 03:19 PM (EDT)
A.M. Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-”of Boston Indemnity Company, Inc. (headquartered in Andover, MA) (BIC).
These Credit Rating (rating) actions follow the announcement by Houston International Insurance Group, Ltd. (HIIG) on July 10, 2018, that it has entered into a stock purchase agreement with Bondex Insurance Group, Inc. to acquire BIC for an undisclosed amount. The transaction is pending regulatory approvals and is expected to close in the third quarter of 2018.
The ratings will remain under review pending the closing of the transaction and completion of A.M. Best’s analysis on the transaction and BIC’s role within the HIIG organization.
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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