A.M. Best Co. has placed the financial strength rating of A- (Excellent) of North American Casualty Group (San Francisco) and its subsidiaries under review with positive implications. North American Casualty Group includes the pooled operations, California Insurance Company (San Francisco) and Continental National Indemnity Company (Cincinnati).
The rating was placed under review as a result of the announced acquisition of the group’s parent company, Applied Underwriters Inc. (San Francisco), by Berkshire Hathaway Inc.
Berkshire Hathaway’s creditworthiness and excellent financial strength are driving North American Casualty Group’s potential for a rating change.
Terms of the agreement were not disclosed. The transaction is expected to close in the second quarter of 2006 pending regulatory approval, at which time a final rating determination will be made.
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