A.M. Best Withdraws Ratings of Medmarc Insurance Company Due to Legal Merger
A.M. Best Withdraws Ratings of Medmarc Insurance Company Due to Legal Merger
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has withdrawn the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Medmarc Insurance Company (Medmarc) due to its merger into Medmarc Casualty Insurance Company (Medmarc Casualty), an affiliated company. ProAssurance Corporation (PRA) (Birmingham, AL) (NYS: PRA) acquired Medmarc and Medmarc Casualty effective January 1, 2013, and both companies are domiciled in Montpelier, VT.
At the time of the merger all of the assets and liabilities of Medmarc were merged into Medmarc Casualty. The ratings of PRA and Medmarc Casualty are unaffected by this transaction.
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, visitwww.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
A.M. Best Co.
Robert Raber,908-439-2200, ext. 5696
Financial Analyst
robert.raber@amest.com
or
Henry Witmer,908-439-2200, ext. 5097
Assistant Vice President
henry.witmer@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com
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