A.M. Best Withdraws Ratings of Fairfield Insurance Company Due to Merger
OLDWICK, N.J. -- January 15, 2013
A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and
issuer credit rating of “a” of Fairfield Insurance Company following the
merger into its affiliate company, Genesis Insurance Company (GIC) on December
31, 2012. The ratings of GIC are not affected by this transaction.
The merger is part of immediate parent company General Reinsurance
Corporation’s (Gen Re) strategy of business simplification and to achieve
increased efficiencies. Gen Re’s ultimate parent company is Berkshire Hathaway
Inc. (Omaha, NE). All companies are headquartered in Stanford, CT, except
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: “Risk Management and the Rating
Process for Insurance Companies.” Best’s Credit Rating 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,
Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
A.M. Best Co.
Peter Dickey, 908-439-2200, ext. 5053
Assistant Vice President
John Andre, 908-439-2200, ext. 5619
Group Vice President
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
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