A.M. Best Co. has placed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Georgia Casualty & Surety Company under review with positive implications.
The rating actions reflect the pending acquisition of this company, along with its sister company, Association Casualty Insurance Co., of Austin, Texas, by Columbia Mutual Insurance Co., of Columbia, Mo., from Atlantic American Corp.
The acquisition, which includes Georgia Casualty’s existing infrastructure and employees, is expected to close during the first quarter of 2008. The company is expected to benefit from the resources available to it from its new parent, both financially and through expanded product offerings and geographic diversification.
The Georgia Casualty acquisition will allow Columbia Mutual to expand and enhance its presence in the Southern U.S.. As a result, the rating for Georgia Casualty is likely to increase at the time the transaction closes.
Source: A.M. Best Co.
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