|[July 11, 2014]
A.M. Best Takes Various Ratings Actions on Subsidiaries of National General Holdings Corp.
OLDWICK, N.J. --(Business Wire)--
A.M. Best has removed from under review with positive
implications and upgraded the financial strength rating (FSR) to A-
(Excellent) from B+ (Good) and the issuer credit rating (ICR) to "a-"
from "bbb-" of Imperial Fire and Casualty Company (Opelousas,
LA). Concurrently, A.M. Best has assigned an FSR of A- (Excellent) and
an ICR of "a-" to National Automotive Insurance Company (Metarie,
LA).The outlook assigned to all ratings is stable.
These rating actions follow closure of the companies' acquisition by National
General Holdings Corp. (National General) and the explicit
support provided by one of its subsidiaries, Integon National
Insurance Company, in the form of an intercompany reinsurance
pooling agreement that was executed following regulatory approval. All
rmaining ratings of National General and its subsidiaries are
unchanged. (Click here
to see press release.)
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Best's Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
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