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A.M. Best Places Credit Ratings of Houston International Insurance Group, Ltd.'s Subsidiaries Under Review With Developing ImplicationsA.M. Best has placed under review with developing implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" of Houston Specialty Insurance Company (HSIC) and its 100% reinsured subsidiary, Oklahoma Specialty Insurance Company (OSIC) (Oklahoma City, OK). Concurrently, A.M. Best has placed under review with developing implications the FSR of A- (Excellent) and the Long-Term ICRs of "a-" of HSIC's subsidiary, Imperium Insurance Company (IIC). A.M. Best also has placed under review with developing implications the FSR of A (Excellent) and the Long-Term ICR of "a" of IIC's wholly owned subsidiary, Great Midwest Insurance Company (GMIC). In addition, A.M. Best continues to maintain under review with developing implications status on the FSR of B+ (Good) and the Long-Term ICR of "bbb-" of Boston Indemnity Company, Inc. (BIC) (Andover, MA) following its acquisition by Houston International Insurance Group, Ltd. (HIIG, Ltd.). All companies ultimately are owned by HIIG, Ltd., which is headquartered in Houston, TX. These Credit Ratings (ratings) have been placed under review with developing implications due to the announcement in April 2018 that HIIG, Ltd. and its controlling shareholder intend to review alternative capital opportunities for future expansion and the potential for organizational changes arising from any transaction or initiative. Given management's efforts since that announcement, A.M. Best expects these ratings to remain under review ntil any resulting transaction or initiative is concluded, and A.M. Best completes its assessment of those actions. A.M. Best will continue to monitor any interim developments, including the integration efforts pertaining to BIC and take any necessary rating action as appropriate. The last effective date for these ratings, excluding BIC, was Oct. 10, 2017. 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. A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information. Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005870/en/ |
