AM Best revokes credit ratings of Associated Indemnity Corporation

OLDWICK, NJ–(BUSINESS WIRE)–
AM Best removed the financial strength rating of A+ (Superior) and the issuer’s long-term credit rating of “aa” (Superior) from Associated Compensation Society (AIC) (head office in Chicago, IL). At the time of withdrawal, these credit ratings (ratings) were stable.

AM Best withdrew these ratings as AIC is no longer a venture entity and is not currently part of any reinsurance or pooling arrangements that would warrant support from another entity. AM Best does not currently perform ratings on non-risk bearing entities. Should AIC once again become a venture entity, the company would be eligible to participate in AM Best’s interactive rating process.

Effective January 1, 2022, WCF National Insurance Company completed the acquisition of AIC from Fireman’s Fund insurance company. AIC was acquired as its own shell. Under the terms of the transaction, Fireman’s Fund insurance company will reinsure and indemnify WCF National Insurance Company for all policies issued and transactions effected by AIC prior to the date of sale.

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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit assessments, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based at United States, the company does business in more than 100 countries with regional offices in London, amsterdam, dubai, hong kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Daniel Mangano
Senior Financial Analyst

+1 908 439 2200 ext. 5547

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Christopher Sharkey
Manager, Public Relations

+1 908 439 2200 ext. 5159

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Robert Rabier
Director

+1 908 439 2200 ext. 5696

[email protected]

Jim Peavy
Director, Communications

+1 908 439 2200 ext. 5644

[email protected]

Source: AM Best