Published: April 12, 2010
A.M. Best Withdraws Ratings of HCC Insurance Company
OLDWICK, N.J. - (BUSINESS WIRE) - A.M. Best Co. has withdrawn the financial strength rating (FSR)
of A+ (Superior) and issuer credit rating (ICR) of "aa-" of HCC
Insurance Company (HCCIC) (Indianapolis, IN) and assigned an NR-5
(Not Formally Followed) to the FSR and an "nr" to the ICR.
On March 18, 2010, HCCIC was purchased by Deere & Company. Subsequent
to the completion of the sale of HCCIC as a clean shell, the name was
changed to John Deere Insurance Company.
In concurrence with the completion of the sale, and with respect to any
new business only, HCCIC terminated its existing 100% quota share
reinsurance contract with former immediate parent company, Houston
Casualty Company, from which HCCIC had derived its ratings.
The ICR of "a-" and debt ratings of HCCIC's ultimate parent, HCC
Insurance Holdings, Inc. and the FSRs and ICRs of its subsidiaries
are unchanged.
For Best's Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including
any additional methodologies and factors that may have been considered,
can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts:
David S. Blades,
CPCU, 908-439-2200, ext. 5422
david.blades@ambest.com
or
Joseph
M. Roethel, 908-439-2200, ext. 5630
joseph.roethel@ambest.com
or
Public
Relations:
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim
Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
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