OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-”of Boston Indemnity Company, Inc. (headquartered in Andover, MA) (BIC).
These Credit Rating (rating) actions follow the announcement by Houston International Insurance Group, Ltd. (HIIG) on July 10, 2018, that it has entered into a stock purchase agreement with Bondex Insurance Group, Inc. to acquire BIC for an undisclosed amount. The transaction is pending regulatory approvals and is expected to close in the third quarter of 2018.
The ratings will remain under review pending the closing of the transaction and completion of A.M. Best’s analysis on the transaction and BIC’s role within the HIIG organization.
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