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A.M. Best Revises Outlook to Stable of Intrepid Insurance Company CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., June 17, 2010—A.M. Best Co. has revised
the outlook to stable from positive and affirmed the financial strength
rating of A- The ratings reflect Intrepid’s solid capitalization, favorable loss ratios, effective management of exposures and strong synergies with its ultimate parent, Daimler AG. As a part of Daimler AG, Intrepid takes an enterprise-wide approach to managing its risk. Partially offsetting these positive factors is Intrepid’s narrow business focus and dependency on Daimler AG’s business. Furthermore, its business underwriting results in automotive physical damage is subject to volatility due to weather-related events impacting vehicle inventories, particularly hail and hurricane-related events. The revised outlook reflects Daimler AG’s revised global insurance strategy to use Daimler Re Insurance as the vehicle for insurance risk taking and divest itself of Intrepid. 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 that 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 serviceindustries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. ### |
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