|[February 26, 2013]
A.M. Best Withdraws Ratings of American General Property Insurance Company
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has affirmed the financial strength rating (FSR) of
B+ (Good) and issuer credit rating (ICR) of "bbb-" of American
General Property Insurance Company (AGPIC) (Nashville, TN). The
outlook for both ratings is stable. Concurrently, A.M. Best has
withdrawn the ratings in response to management's request to no longer
participate in A.M. Best's interactive rating process.
The rating affirmations reflect AGPIC's solid level of risk-adjusted
capitalization, which is maintained to support the remaining liabilities
on its books, offset by its limited business profile.
In December 2012, AGPIC was acquired by White Mountains Solutions
Holding Company, a wholly owned susidiary of White Mountains
Insurance Group, Ltd [NYSE:WTM] and the group's specialist run-off
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Key criteria utilized include: "Risk
Management and the Rating Process for Insurance Companies" and
"Understanding BCAR for Property/Casualty Insurers." Best's Credit
Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS
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