Best Withdraws Ratings of QBE U.S. Subsidiaries Due to Reorganization
A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Blue Ridge Insurance Company (BRIC) (Sun Prairie, WI), United Security Insurance Company (USIC) (Greenwood Village, CO) and Capital City Insurance Company, Inc. (CCIC) (Columbia, SC) and assigned a category NR-5 (Not Formally Followed) to the FSR and an “nr” to the ICRs.
Best has also withdrawn the FSR of ‘B++’ (Good) and ICR of “bbb” of North Pointe Casualty Insurance Company (NPCIC) (Jacksonville, FL) and assigned a category NR-5 (Not Formerly Followed) to the FSR and an “nr” to the ICR.
Best explained that these transactions are part of an effort by Australia’s QBE Insurance Group Limited “to consolidate its operations through decreasing the number of its owned statutory entities.”
Effective January 1, 2011, General Casualty Company of Wisconsin (GCW) (Sun Prairie, WI), a subsidiary of QBE, sold BRIC as a shell to Catlin Inc., a U.S. subsidiary of the Bermuda-based Catlin Group Limited.
Effective January 1, 2011, GCW sold USIC as a shell to Missouri Employers Mutual Insurance Company.
Effective December 31, 2010, CCIC was merged into an affiliate company, North Pointe Insurance Company of Harrisburg, PA.
Effective January 1, 2011, North Pointe Financial Services, Inc. (Southfield, MI), a subsidiary of QBE, sold NPCIC as a shell to Admiral Insurance Company (Wilmington, DE), a subsidiary of W. R. Berkley Corporation.
Source: A.M. Best
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- New Vehicle Registrations in California Rose, While Tesla Registrations Dropped Again
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair