OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Old Glory Insurance Company (Old Glory) (Tyler, TX). Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect Old Glory’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
The revised outlooks to negative reflect AM Best’s concerns with the uncertainty of the future of Old Glory in the intermediate term as the organization considers strategic alignment of its business profile and how this may potentially impact the company’s balance sheet strength, operating performance or ERM.
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