OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Western Home Insurance Company (Western Home) (Edina, MN). The Credit Ratings (ratings) had stable outlooks. In addition, Western Home was a member of Western National Insurance Pool; all ratings of the pool’s remaining members remain unchanged.
Western Home was acquired by Obsidian Insurance Holdings, Inc. (Obsidian), a hybrid-fronting group, from Western National Mutual Insurance Company (Western National). Prior to closing, all remaining liabilities were assumed by Western National.
Western Home, a Minnesota-domestic insurer, is commercially domiciled in California and holds certificates of authority in five other states. Western Home was acquired as a “clean shell” to support the strategy and growth of Obsidian. Prior to acquisition, Western Home, incorporated in 1973, was a broadly authorized personal and commercial lines subsidiary of Western National.
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