AM Best Places Credit Ratings of Bondex Insurance Company Under Review With Positive Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Bondex Insurance Company (Bondex) (Florham Park, NJ).

The Credit Ratings (ratings) of Bondex have been placed under review with positive implications following the acquisition of its parent, Bondex Insurance Group, Inc., by Builders Insurance Group (Builders). The acquisition closed on Aug. 31, 2022. The under review status with positive implications reflects the expected benefits Bondex will receive from joining Builders and the greater financial strength of the organization. The ratings will remain under review until full implementation of implicit and explicit support from Builders.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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.

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