OLDWICK, N.J., June 01, 2022--(BUSINESS WIRE)--AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of Sutton Specialty Insurance Company (Sutton Specialty) (Oklahoma City, OK), Sutton National Insurance Company (Sutton National) (Oklahoma City, OK), Merit Life Insurance Co. (Merit) (Austin, TX) and 777 Re. Ltd. (Hamilton, Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
Sutton Specialty, Sutton National, Merit and 777 Re Ltd. were placed under review following the April 1, 2022, announcement that Brickell PC Insurance Holdings LLC , the parent of Sutton Specialty and Sutton National, would acquire the remaining shares in Randall & Quilter Investment Holdings Ltd. (R&Q) [AIM: RQIH] that it did not own, subject to shareholder and regulatory approval. However, on May 25, 2022, it was announced that shareholders had rejected the proposal. Now that the proposal will not be completed, AM Best has removed the ratings of Sutton Specialty, Sutton National, Merit and 777 Re Ltd. from under review with developing implications.
The ratings of Sutton Specialty and Sutton National reflect their balance sheet strength, which AM Best assesses as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings of Merit reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
The ratings of 777 Re Ltd. reflects its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
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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