Best Withdraws Ratings of Various QBE U.S. Subsidiaries Following Reorganization

February 2, 2011

A.M. Best Co. has withdrawn the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Blue Ridge Insurance Company (BRIC) (Sun Prairie, WI), United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Best has also withdrawn the FSR of ‘B++’ (Good) and ICR of “bbb” of North Pointe Casualty Insurance Company (NPCIC) (Jacksonville, FL) and assigned a category NR-5 (Not Formerly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, 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., 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

Was this article valuable?

Here are more articles you may enjoy.