|[September 20, 2013]
A.M. Best Places Ratings of Developers Surety and Indemnity Company and Indemnity Company of California Under Review
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has placed under review with positive implications
the financial strength rating of A- (Excellent) and issuer credit
ratings of "a-" of Developers Surety and Indemnity Company
(Developers) (West Des Moines, IA) and its wholly owned subsidiary, Indemnity
Company of California (Indemnity) (Irvine, CA (News - Alert)).
The rating action for both companies follows the announcement of a
definitive agreement under which Developers' immediate parent, Insco
Insurance Services, Inc., will sell all of its outstanding shares to AmTrust
Financial Services, Inc. (AmTrust) (headquartered in New York, NY)
The under review with positive implications status reflects the
potential benefits Developers and Indemnity re expected to derive as
part of the AmTrust organization, with access to additional financial
and managerial resources.
The transaction is expected to close during the next six months, pending
regulatory approval. The ratings will remain under review until the
transaction closes and A.M. Best's analysis is completed.
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Best's Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS
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