Press release from Business Wire
A.M. Best Withdraws Ratings of Medmarc Insurance Company Due to Legal Merger
Friday, April 05, 2013
A.M. Best Withdraws Ratings of Medmarc Insurance Company Due to Legal Merger15:07 EDT Friday, April 05, 2013
OLDWICK, N.J. (Business Wire) -- A.M. Best Co. has withdrawn the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Medmarc Insurance Company (Medmarc) due to its merger into Medmarc Casualty Insurance Company (Medmarc Casualty), an affiliated company. ProAssurance Corporation (PRA) (Birmingham, AL) (NYSE: PRA) acquired Medmarc and Medmarc Casualty effective January 1, 2013, and both companies are domiciled in Montpelier, VT.
At the time of the merger all of the assets and liabilities of Medmarc were merged into Medmarc Casualty. The ratings of PRA and Medmarc Casualty are unaffected by this transaction.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
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