A.M. Best Downgrades and Assigns Ratings to Crestbrook Insurance Company; Places Both Under Review with Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A+ (Superior) of Crestbrook Insurance Company (CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. ) (Columbus, OH) and assigned an issuer credit rating of "a-". Both ratings have been placed under review with negative implications. CIC is currently an inactive, fully reinsured subsidiary of Nationwide Mutual Insurance Company Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. History Beginnings as Farm Bureau Mutual (Nationwide) (Columbus, OH). The under review status and negative implications are the result of discussions with management regarding CIC's strategic position within the Nationwide group of companies and the anticipated changes in its inter-company reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. agreement. The ratings will remain under review with negative implications pending further discussions with management on the strategy and capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of CIC. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion