OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with positive implications and upgraded the financial strength rating (FSR) to A- (Excellent) from B+ (Good) and the issuer credit rating (ICR) to “a-” from “bbb-” of Imperial Fire and Casualty Company (Opelousas, LA). Concurrently, A.M. Best has assigned an FSR of A- (Excellent) and an ICR of “a-” to National Automotive Insurance Company (Metarie, LA).The outlook assigned to all ratings is stable.
These rating actions follow closure of the companies’ acquisition by National General Holdings Corp. (National General) and the explicit support provided by one of its subsidiaries, Integon National Insurance Company, in the form of an intercompany reinsurance pooling agreement that was executed following regulatory approval. All remaining ratings of National General and its subsidiaries are unchanged. (Click here to see press release.)
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.
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