AM Best Places Credit Ratings of Boston Indemnity Company, Inc. Under Review With Developing Implications

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.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.