A.M. Best Places Paradigm Insurance Co. Under Review With Developing Implications.OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 4, 1997--Effective immediately, A.M. Best Co. has placed the "B++" (Very Good) rating of Paradigm Insurance Co., Louisville, Kentucky  “Louisville” redirects here. For other uses, see Louisville (disambiguation). , under review with developing implications. The rating action follows the recent announcement that Queensway Financial Holdings, Ltd., Toronto, Canada, has signed a letter of intent to purchase all of the outstanding shares of Paradigm from its parent, Tri-Star Investments Ltd., a privately owned holding company that owns 100% of Paradigm. The under review status reflects uncertainties regarding the direction of the company after the transaction, the amount and quality of the capital that Queensway will contribute to Paradigm and prospective actions that will be taken to strengthen Paradigm's underlying operating fundamentals. The rating will remain under review pending completion of the transaction, discussions between A.M. Best and Queensway regarding the future direction of Paradigm and A.M. Best 's review of the transaction. Paradigm is an excess and surplus lines writer. Its rating reflects the company's favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. capitalization, continued operating profitability and sound liquidity measures. Offsetting these positive factors has been fluctuations in premiums written due to the company entering and exiting different programs over the years. In recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. emphasis has shifted from miscellaneous medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. to commercial multiple peril The designated contingency, risk, or hazard against which an insured seeks to protect himself or herself when purchasing a policy of insurance. Among the various types of perils for which insurance coverage is available are fire, theft, illness, and death. PERIL. and, to a lesser extent, ocean marine. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: Jeffrey Dunsavage, 908/439-2200, ext. 5618 dunsavj@ambest.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion