Business Services Industry
A.M. Best Withdraws Rating of Omni Insurance Group Due to Acquisition
Business Wire, Feb 27, 2007
OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength rating (FSR) of B (Good) and assigned a category of NR-5 (Not Formally Followed) to Omni Insurance Group (Atlanta, GA).
Effective November 30, 2006, Omni Insurance Company (Omni Insurance) and its subsidiary, Omni Indemnity Company (Omni Indemnity), formerly members of the Omni Insurance Group, were acquired by Independent Insurance Investments, Inc., the parent of American Independent Companies (AIC) (Conshohocken, PA). On February 22, 2007, both companies became members of the AIC pool, retroactive to January 1, 2007.
The FSR of B (Good) for Omni Insurance and Omni Indemnity remains unchanged by this rating event. The outlook for the rating is stable.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> 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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