A.M Best Places Credit Ratings of Boston Indemnity Company, Inc. Under Review With Developing Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Jul 12, 2018--A.M. Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-”of Boston Indemnity Company, Inc. (headquartered in Andover, MA) (BIC).
These Credit Rating (rating) actions follow the announcement by Houston International Insurance Group, Ltd. (HIIG) on July 10, 2018, that it has entered into a stock purchase agreement with Bondex Insurance Group, Inc. to acquire BIC for an undisclosed amount. The transaction is pending regulatory approvals and is expected to close in the third quarter of 2018.
The ratings will remain under review pending the closing of the transaction and completion of A.M. Best’s analysis on the transaction and BIC’s role within the HIIG organization.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Vicky Riggs, +1-908-439-2200, ext. 5039
Senior Financial Analyst
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
Charles M. Huber, +1-908-439-2200, ext. 5122
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
SOURCE: A.M. Best
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PUB: 07/12/2018 03:40 PM/DISC: 07/12/2018 03:40 PM