A.M. Best Co. has affirmed the financial strength rating (FSR) of B+ (Good) and issuer credit rating (ICR) of “bbb-” of American General Property Insurance Company (AGPIC) (Nashville, TN). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings in response to management’s request to no longer participate in A.M. Best’s interactive rating process.
The rating affirmations reflect AGPIC’s solid level of risk-adjusted capitalization, which is maintained to support the remaining liabilities on its books, offset by its limited business profile.
In December 2012, AGPIC was acquired by White Mountains Solutions Holding Company, a wholly owned subsidiary of White Mountains Insurance Group, Ltd [NYSE:WTM] and the group’s specialist run-off acquisition operation.
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” and “Understanding BCAR for Property/Casualty Insurers.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.