OLDWICK, N.J.--(BUSINESS WIRE)--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.
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