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FOR IMMEDIATE RELEASE
OLDWICK - MAY 29, 2020 12:00 PM (EDT)
AM Best has commented that the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Houston Specialty Insurance Company, and its subsidiaries, Imperium Insurance Company, Great Midwest Insurance Company, Boston Indemnity Company, Inc. and Oklahoma Specialty Insurance Company, are unchanged by the recent announcement regarding the appointment of Andrew Robinson as the new chief executive officer (CEO) of Houston International Insurance Group, Ltd. (HIIG Group), the intermediate parent company. The outlook of these Credit Ratings (ratings) remains negative. All companies are members of HIIG Group and are headquartered in Houston, TX.
AM Best acknowledges Mr. Robinson’s extensive industry experience and track record in the global insurance industry. AM Best does not foresee any immediate rating actions as a result of this change and will continue to closely monitor the financial results of HIIG Group, as the day-to-day management of the company begins the transition from HIIG Group’s founder and outgoing CEO, Stephen L. Way, to Mr. Robinson.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.