A.M. Best Removes From Under Review and Upgrades Ratings of Subsidiaries of
AmTrust Financial Services, Inc.
OLDWICK, N.J. -- July 2, 2013
A.M. Best Co. has removed from under review with positive implications and
upgraded the financial strength ratings to A (Excellent) from A- (Excellent)
and issuer credit ratings to “a” from “a-“ of Sequoia Insurance Company
(Sequoia) (Monterey, CA), Sequoia Indemnity Company (Indemnity) (Las Vegas,
NV), Personal Express Insurance Company (Personal Express) (Monterey, CA) and
First Nonprofit Insurance Company (First Nonprofit) (Wilmington, DE). The
outlook assigned to all ratings is stable.
The ratings reflect the closure of the acquisition of all companies by AmTrust
Financial Services, Inc. (ASFI) [NASDAQ:AFSI]. Additionally, the ratings
reflect the explicit support provided by AFSI’s Bermuda subsidiary, AmTrust
International Insurance, Ltd., in the form of intercompany quota share
agreements that were executed following the receipt of regulatory approval.
All remaining ratings of ASFI and its subsidiaries are unchanged. (Please see
A.M. Best’s press release dated May 24, 2013.)
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
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 RESERVED.
A.M. Best Co.
Brian O’Larte, 908-439-2200, ext. 5138
Senior Financial Analyst
Michael Lagomarsino, CFA, 908-439-2200, ext. 5810
Assistant 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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