OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of National Building Material Assurance Company (NBMA) (Indianapolis, IN).
Clear Blue Specialty Insurance Company completed the acquisition of NBMA on July 23, 2018. Concurrent with the sale, the inter-company pooling agreement between NBMA and its two former affiliates, Pennsylvania Lumbermens Mutual Insurance Company and Indiana Lumbermens Mutual Insurance Company, collectively known as Pennsylvania Lumbermens Group, was revised effective April 30, 2018, making NBMA a clean shell at the time of sale. The sale of NBMA has resulted in A.M. Best withdrawing the Credit Ratings (ratings) of this entity. A.M. Best’s policy is for a final rating to be completed along with a rating withdrawal. However, a final rating update was not able to be completed, as NBMA was a clean shell at the close of the transaction.
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