A.M. Best Places Credit Ratings of Savers Property and Casualty Insurance Company Under Review With Positive Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Nov 14, 2018--A.M. Best has placed under review with positive implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” of Savers Property and Casualty Insurance Company (Savers) (Clayton, MO).
These Credit Ratings (ratings) have been placed under review with positive implications following the sale of Savers as a shell to State National Companies, Inc. (State National) (headquartered in Bedford, TX), a subsidiary of Markel Corporation (Markel) [NYSE: MKL], by its parent, Star Insurance Company (Southfield, MI). The transaction closed on Nov. 2, 2018.
The ratings will remain under review pending conclusion of A.M. Best’s discussion with management regarding the future business of the company, including its participation in internal reinsurance within the Markel 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 web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Edin Imsirovic, +1 908 439 2200, ext. 5740
Senior Financial Analyst
Jacqalene Lentz, CPA, +1 908 439 2200, ext. 5762
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 11/14/2018 03:38 PM/DISC: 11/14/2018 03:37 PM