A.M. Best Places Rating of Gerling Canada Under Review.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 2, 2003 A.M. Best Co. has placed the financial strength rating of A- (Excellent) of Gerling Canada Insurance Company (Toronto) under review with developing implications. In March, Gerling Canada in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with its parent company, Gerling Konzern Allgemeine (Germany), had its rating affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. ; however, the outlook was changed to negative from stable. The current under review status reflects the pending sale of Gerling Canada to a group of Canadian financial and other private equity investors. The transaction is organized through Newport Partners, a Toronto based investment company. Once the sale is finalized See finalization. , it will resolve the uncertainty surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. Gerling Canada's future due to issues affecting its ultimate parent company, Gerling Konzern Beteiligungs-AG (Germany). A.M. Best is in the process of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. on the sales transaction and is in regular discussions with Gerling Canada's management. A.M. Best will assign Gerling Canada a stand-alone rating upon completion of the sale. 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. |
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