A.M. Best Downgrades Credit Ratings of 21st Century National Insurance Company; Places Under Review With Developing Implications

OLDWICK, N.J.--()--A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of 21st Century National Insurance Company (21st Century National) (headquartered in Boston, MA), following the announcement of its acquisition by Plymouth Rock Assurance Corporation (PRAC) on April 1, 2018. Additionally, A.M. Best has placed these Credit Ratings (ratings) under review with developing implications.

The downgrade and developing implications status reflects 21st Century National’s new ownership structure by aligning the rating with PRAC’s, as well as A.M. Best’s need to assess the strategic and financial plans for the company. A.M. Best expects to resolve the under review status of the ratings following more in-depth discussions with the company’s management team.

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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Kenneth Tappen, +1 908-439-2200, ext. 5248
Senior Financial Analyst
kenneth.tappen@ambest.com
or
Richard Attanasio, +1 908-439-2200, ext. 5432
Senior Director
richard.attanasio@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Kenneth Tappen, +1 908-439-2200, ext. 5248
Senior Financial Analyst
kenneth.tappen@ambest.com
or
Richard Attanasio, +1 908-439-2200, ext. 5432
Senior Director
richard.attanasio@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com