Published: January 24, 2012
A.M. Best Withdraws Ratings of Genesis Indemnity Insurance Company Due to Merger
OLDWICK, N.J. - (BUSINESS WIRE) - A.M. Best Co. has withdrawn the financial strength rating (FSR)
of A++ (Superior) and the issuer credit rating (ICR) of "aa+" of Genesis
Indemnity Insurance Company (GIIC) (Bismarck, ND) following its
December 31, 2011 merger into an affiliated company, General Star
Indemnity Company (GSIC) (Stamford, CT). The FSR of A++ (Superior)
and ICR of "aa+" of GSIC are not affected by this transaction.
The merger is part of the indirect parent company's, General
Reinsurance Corporation (Gen Re) (Wilmington, DE) business
simplification strategy to achieve increased efficiencies. Gen Re's
immediate parent company is Berkshire Hathaway Inc. (Omaha, NE).
The principal methodology used in determining these ratings is Best's
Credit Rating Methodology --Global Life and Non-Life Insurance Edition,
which provides a comprehensive explanation of A.M. Best's rating process
and highlights the different rating criteria employed. Additional key
criteria utilized include: "Risk Management and the Rating Process for
Insurance Companies" and "Understanding BCAR for Property/Casualty
Insurers." Methodologies can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright (c) 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
A.M. Best Co.
Peter Dickey, 908-439-2200, ext. 5053
Assistant
Vice President
peter.dickey@ambest.com
or
John
Andre, 908-439-2200, ext. 5619
Group Vice President
john.andre@ambest.com
or
Rachelle
Morrow, 908-439-2200, ext. 5378
Senior Manager, Public
Relations
rachelle.morrow@ambest.com
or
Jim
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Public Relations
james.peavy@ambest.com
Copyright © 2012, Business Wire, Inc., All rights reserved.
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