A.M. Best Co. has completed its rating review of Combined Specialty Group, Inc. (CSG), the new holding company created to be the parent of Aon Corporation’s insurance underwriting subsidiaries, which is expected to be spun off in the third quarter of 2002 pending regulatory and board approvals.
The financial strength ratings of the property/casualty and life/health insurance companies were placed under review with developing implications on April 20, when Aon announced its plan to spin off the insurance underwriting operations from its flagship brokerage and consulting businesses.
An A (Excellent) financial strength rating has been assigned to Combined Specialty Insurance Company (CSIC), which formerly conducted business as Virginia Surety Company, Inc., an independent underwriter of consumer extended warranties worldwide.
Going forward, CSIC is expected to serve as CSG’s principal property/casualty operating company, continuing to write extended warranty and credit insurance as well as introducing new products in specialty segments of the commercial property/casualty market.
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