A.M. Best Withdraws Ratings of Infinity Premier Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit rating of "a" of Infinity Premier Insurance Company (Infinity Premier), following its September 30, 2012 sale to NationsBuilders Insurance Services, Inc. (Atlanta, GA) from Infinity Insurance Company (Infinity). Both Infinity and Infinity Premier are headquartered in Birmingham, AL.
The withdrawal of the ratings mainly reflects that Infinity Premier was sold as a shell company to an insurance group that does not participate in A.M. Best's interactive rating process.
The transaction was approved on September 25, 2012 by the Indiana Department of Insurance and closed on September 30, 2012. Infinity Premier was a wholly owned subsidiary of Infinity, whose ultimate parent is Infinity Property & Casualty Corporation [NASDAQ: IPCC]. NationsBuilders Insurance Services, Inc. is a holding company whose ultimate parent is SunTx Capital Management Corporation (Dallas, TX). NationsBuilders Insurance Services, Inc.'s insurance affiliates are NationsBuilders Insurance Company andProBuilders Specialty Insurance Company.
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. Key criteria utilized include: "Rating Members of Insurance Groups." Best's Credit Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visitwww.ambest.com.
Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
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