A.M. Best Co. has assigned an issuer credit rating (ICR) of “a-” to Merastar Insurance Co. of Chattanooga, Tenn., and placed both the financial strength rating (FSR) of A- (Excellent) and ICR under review with positive implications.
The ratings were placed under review following the announcement that Trinity Universal Insurance Co., a subsidiary of Unitrin, Inc, of Chicago, has reached a definitive agreement to acquire Merastar and certain affiliates. Trinity Universal Insurance Co.is the lead company of the Unitrin Property and Casualty Insurance Group and has an FSR of A (Excellent) and an ICR of “a”.
Merastar is a personal lines carrier licensed in 48 states and the District of Columbia.
The transaction is expected to close in second quarter 2007, pending regulatory approval and finalization of Merastar’s strategic position in the Unitrin organization.
Source: A.M. Best
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