OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Indemnity National Insurance Company (Indemnity National) (Jackson, MS) based on the change in ownership announced Jan. 13, 2017 whereby KEWA US Inc., a subsidiary of KEWA Financial Inc., acquired 100% of Indemnity National’s capital stock.
The under review with negative implications status reflects A.M. Best’s concern over the uncertainty regarding Indemnity National’s change of ownership and future operational and financial plans, which may have an impact on Indemnity National’s future earnings.
The ratings will remain under review until A.M. Best conducts further analysis following discussions with management.
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.
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