OLDWICK, N.J., July 15, 2022--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a" (Excellent) of California Insurance Company (Foster City, CA), Continental Indemnity Company, Illinois Insurance Company, Texas Insurance Company (Dallas, TX), Pennsylvania Insurance Company, Oklahoma Property and Casualty Insurance Company (Oklahoma City, OK) and Florida Casualty Insurance Company (Sarasota, FL). All companies collectively are referred to as North American Casualty Group (NAC) and are domiciled in Santa Fe, NM, unless otherwise specified.
The Credit Ratings (ratings) have been placed under review with negative implications due to the delay of the results of NAC’s year-end 2021 audit. The negative implications take into consideration the uncertainty surrounding the group’s enterprise risk management until the audit is complete, and the negative outlooks on the company’s ratings prior to them being placed under review. The group has contracted with a new auditor to complete the year-end 2021 audit and is working to complete the audit in a timely manner. AM Best will continue to monitor the situation and will take interim action should any further delays or issues arise that potentially impact the financial standing of the group.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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