A.M. Best Co. has withdrawn the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of ProAssurance National Capital Insurance (ProAssurance National) (District of Columbia) following its merger with and into ProAssurance Indemnity Company, Inc. (ProAssurance Indemnity) (Birmingham, AL)
On July 1, 2012, ProAssurance Corporation (PRA) (Birmingham, AL) [NYSE: PRA] completed the merger of these two operating companies. ProAssurance National policyholders have become policyholders of ProAssurance Indemnity as a result of this merger. This transaction is part of PRA’s ongoing strategy to streamline its insurance company structure into fewer operating companies in order to maximize efficiency.
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. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Insurance Holding Company and Debt Ratings”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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