A.M. Best has placed under review with developing implications
the Financial Strength Rating of B+ (Good) and the Long-Term Issuer
Credit Rating of “bbb-”of Boston Indemnity Company, Inc.
(headquartered in Andover, MA) (BIC).
These Credit Rating (rating) actions follow the announcement by Houston
International Insurance Group, Ltd. (HIIG) on July 10, 2018, that it has
entered into a stock purchase agreement with Bondex Insurance Group,
Inc. to acquire BIC for an undisclosed amount. The transaction is
pending regulatory approvals and is expected to close in the third
quarter of 2018.
The ratings will remain under review pending the closing of the
transaction and completion of A.M. Best’s analysis on the transaction
and BIC’s role within the HIIG organization.
This press release relates to Credit Ratings that have been published
on A.M. Best’s website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best’s Recent
Rating Activity web page. For additional information regarding
the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media use of
Best’s Credit Ratings and A.M. Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating
Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
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