A.M. Best Places Medical Protective Under Review with Developing Implications.OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating of A- (Excellent) of The Medical Protective Company (Medical Protective) (Fort Wayne Fort Wayne, city (1990 pop. 173,072), seat of Allen co., NE Ind., where the St. Joseph and St. Marys rivers join to form the Maumee River; inc. 1840. It is the second largest city in the state, a major railroad and shipping point, a wholesale and distribution hub, , IN), a primary insurance subsidiary of GE Insurance Solutions Corp, (Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , MO) under review with developing implications. This rating action follows today's announcement by the General Electric Company (NYSE NYSE See: New York Stock Exchange :GE) that it has signed a letter of intent with Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Inc. (Omaha, NE) for the sale of Medical Protective to National Indemnity Company (National Indemnity) (Omaha, NE), a property/casualty insurance and 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. subsidiary of Berkshire Hathaway Inc. The transaction is scheduled to close on June 30, 2005, subject to completion of a definitive agreement as well as regulatory approvals. The rating will remain under review pending discussions with the new owner concerning its strategic plan for Medical Protective. The developing implications reflect anticipated capital enhancement given the relative financial strength of National Indemnity. 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 http://www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies, groups and industry composites, please visit http://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 http://www.ambest.com. |
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