Business Services Industry
A.M. Best Comments on the Acquisition of Heritage Indemnity Company
Business Wire, Jan 14, 2008
OLDWICK, N.J. -- A.M. Best Co. has commented that the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Heritage Indemnity Company (Heritage) (Burbank, CA) are unchanged following the recent acquisition by Wachovia Corporation of Heritage from General Electric Company (GE).
The transaction includes the affiliated non-insurance companies that support the vehicle service contract business in which Heritage is engaged, as well as an affiliated Bermuda-domiciled company, Westlake Insurance Company Ltd. Heritage and its affiliated companies, which were also acquired, are associated with Wachovia Dealer Services. A.M. Best will monitor the progress of this transaction going forward.
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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 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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