OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has placed under review with positive implications the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b+” (Marginal) of Wawanesa General Insurance Company (Wawanesa General) (San Diego, CA).
The Credit Rating (ratings) of Wawanesa General have been placed under review with positive implications following the announcement that its parent company, The Wawanesa Mutual Insurance Company has entered into a definitive agreement to sell its U.S. subsidiary, Wawanesa General, to the Automobile Club of Southern California’s affiliated insurer, Interinsurance Exchange of the Automobile Club, a member of Auto Club Enterprises Insurance Group (ACE). The acquisition is subject to regulatory approval and other customary closing conditions. The under review with positive implications status reflects the expected benefits Wawanesa General will receive from joining ACE and the greater financial strength of the organization. The ratings will remain under review until the acquisition is approved by the California Department of Insurance and the transaction closes.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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