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A.M. Best Assigns Ratings to Golden Insurance Company, a Risk Retention Group CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., Apr. 22, 2009—A.M. Best Co. has assigned a financial strength rating of B+ (Good) and issuer credit rating of “bbb-” to Golden Insurance Company, a Risk Retention Group (Golden) (Las Vegas, NV). The outlook for both ratings is stable. The ratings reflect Golden’s excellent balance sheet strength, its consistently profitable operating performance, strong risk-adjusted capitalization and solid niche profile of insuring home warranty exposures primarily as an integral partner of its strong parent home warranty provider, StrucSure. These strengths are partially offset by a limited market focus and reliance on a single producer of the warranty business (the warranty administrator). As the warranty administrator for Golden, StrucSure provides a range of services, including underwriting new homebuilder members and issuing the warranties that builders provide to homebuyers. Warranties provided by StrucSure and insured by Golden provide coverage on one and two-year workmanship and system defects and 10-year major structural defects. Golden also writes general liability business to builders and contractors on claims made basis. This business is written through Beecher Carlson as the managing general agent and a limited number of regional brokers. A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive. The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. ### |
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