OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of 21st Century National Insurance Company (21st Century National) (headquartered in Boston, MA). The outlook assigned to these Credit Ratings (ratings) is stable.
This rating action follows the close of Plymouth Rock Assurance Corporation’s (PRAC) (Boston, MA) acquisition of 21st Century National in April 2018 and the successful execution of a quota share reinsurance agreement. The ratings of PRAC have been extended to 21st Century National, which will be renamed Plymouth Rock Assurance Preferred Corporation in December 2018, due to the significant level of reinsurance support provided by PRAC, the lead member of Plymouth Rock Assurance Group. The ratings of the other members of Plymouth Rock Assurance Group are not affected by the aforementioned rating action.
The ratings reflect 21st Century National’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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.
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