A.M. Best Places Ratings of Developers Surety and Indemnity Company and
Indemnity Company of California Under Review
OLDWICK, N.J. -- September 20, 2013
A.M. Best Co. has placed under review with positive implications the financial
strength rating of A- (Excellent) and issuer credit ratings of “a-” of
Developers Surety and Indemnity Company (Developers) (West Des Moines, IA) and
its wholly owned subsidiary, Indemnity Company of California (Indemnity)
The rating action for both companies follows the announcement of a definitive
agreement under which Developers’ immediate parent, Insco Insurance Services,
Inc., will sell all of its outstanding shares to AmTrust Financial Services,
Inc. (AmTrust) (headquartered in New York, NY) [NASDAQ:AFSI].
The under review with positive implications status reflects the potential
benefits Developers and Indemnity are expected to derive as part of the
AmTrust organization, with access to additional financial and managerial
The transaction is expected to close during the next six months, pending
regulatory approval. The ratings will remain under review until the
transaction closes and A.M. Best’s analysis is completed.
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.
Robert Valenta, 908-439-2200, ext. 5291
Senior Financial Analyst
Gerard Altonji, 908-439-2200, ext. 5626
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
Press spacebar to pause and continue. Press esc to stop.