OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Boston Indemnity Company, Inc. (BIC), headquartered in Houston, TX.
BIC’s Credit Ratings (ratings) were placed under review with developing implications following an agreement on the sale of BIC from Great Midwest Insurance Company, a subsidiary of Skyward Specialty Insurance Group Inc., to Ascot Insurance Company, a member of the Ascot group. BIC is an admitted surety writer domiciled in South Dakota and licensed in 46 states and the District of Columbia. The transaction, which does not transfer BIC’s existing business, is expected to close early in the third quarter of 2021.
The ratings will remain under review until the transaction closes, all customary regulatory approvals are received and AM Best evaluates BIC’s role in the Ascot organization.
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