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A.M. Best Assigns Ratings to Indemnity Insurance of DC Group and Its Members CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., Apr. 17, 2008—A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit ratings of “a-” to Indemnity Insurance of DC Group (IIDC) and its members. The outlook for all ratings is stable. These ratings also apply to Indemnity Insurance Corporation of DC, Risk Retention Group and Indemnity Reinsurance Corporation of DC, Inc. (all of Washington, DC), which are under common ownership and control. The ratings reflect the group’s excellent capitalization levels, experienced management team, superior claims and loss control management, strict underwriting guidelines and a good geographic spread of risks. Partially offsetting these positive rating factors is the execution risk associated with the implementation of IIDC’s business plan. IIDC benefits from a strong niche market focus derived from its 12 years of experience gained with the entertainment industry from a commonly owned managing general agent, which has placed this business in the insurance marketplace for insureds in the entertainment industry. Management over a number of years has built strong working relationships throughout the industry. The insurance program provides general liability, liquor liability and excess coverage to segments of the entertainment industry. IIDC has met A.M. Best’s stringent requirements for new company formations, and the ratings are a reflection of its ability to meet A.M. Best’s onerous capitalization requirements, which mandate a more conservative level of risk-based capital to support its 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. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. ### |
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