|[February 14, 2014]
A.M. Best Places Ratings of the Members of SPARTA Insurance Group Under Review
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has placed the ratings of SPARTA Insurance Group's
members (collectively known as SPARTA) under review with negative
implications, as it has started a strategic plan to review certain
options including, but not limited to, sale of the group. SPARTA's
members include SPARTA Insurance Company, SPARTA American
Insurance Company and SPARTA Specialty Insurance Company. All
companies are headquartered in Hartford, CT.
Concurrently, A.M. Best has downgraded SPARTA's financial strength
rating to B++ (Good) from A- (Excellent) and issuer credit rating to
"bbb" from "a-". These rating actions follow recent discussions with
SPARTA managemet regarding a large unanticipated prior year reserve
charge in the fourth quarter of 2013. A.M. Best will monitor the final
results when SPARTA files its year-end 2013 statutory results.
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 © 2014 by A.M. Best Company, Inc. ALL RIGHTS
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