A.M. Best Changes Rating of Indemnity Insurance Corporation, RRG
OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has changed the financial strength rating to F (In Liquidation) from E (Under Regulatory Supervision) while the issuer credit rating remains “rs” for Indemnity Insurance Corporation, RRG (IIC) (Wilmington, DE).
The rating action follows the issuance of a Liquidation and Injunction Order by the Court of Chancery of the State of Delaware on April 10, 2014. The Liquidation and Injunction Order placed IIC in liquidation and appointed the Insurance Commissioner of the State of Delaware as receiver.
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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