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A.M. Best Assigns Ratings to Catholic Relief Insurance Company of America CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., July 12, 2010—A.M. Best Co. has assigned
a financial strength rating of A- (Excellent) and issuer credit rating
of “a-” to The ratings reflect CRIC’s balance sheet strength, historically strong operating performance, favorable net premium leverage and liquidity bolstered by a low expense profile and conservative investment portfolio. An additional strength is the captive’s partnership with the State of Vermont. The ratings also acknowledge CRIC's advantage as an underwriter of risks incurred by various dioceses of the Roman Catholic Church and insured through a self-insured fund controlled by its parent, the Catholic Mutual Relief Society of America. As a result, CRIC has a wide geographic distribution of risks throughout the United States and parts of Canada. Furthermore, the company has a substantial expense advantage derived from its operating as a direct writer in addition to being afforded tax exempt status. 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 service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. ### |
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