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A.M. Best Comments on the Ratings of Indemnity Insurance Corporation of DC, Risk Retention Group CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., Dec. 10, 2009—A.M. Best Co. has commented that the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Indemnity Insurance Corporation of DC, Risk Retention Group (Washington, DC) are unchanged. The outlook is stable, and the financial size category is V. This follows a change in the form of capitalization in the company. In order to maintain capital efficiency and offset the increasing costs associated with holding a letter of credit, the company has removed the fully funded letter of credit and replenished it with a cash capital infusion. The cash infusion together with the current surplus level meets A.M. Best’s stringent start-up company capitalization requirements, which mandate a more conservative level of risk based capital to support the company’s ratings. 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 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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