Business Services Industry
A.M. Best Withdraws Ratings of Transcontinental Insurance Company Following Affiliate Merger
Business Wire, Jan 3, 2008
OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit rating of "a" of Transcontinental Insurance Company (New York, NY) and assigned a category NR-5 (Not Formally Followed) to the company.
Effective December 31, 2007, Transcontinental Insurance Company was merged into its direct parent company, National Fire Insurance Company of Hartford (Chicago, IL), a wholly owned indirect subsidiary of CNA Financial Corporation (CNA) (Chicago, IL) (NYSE: CNA). This merger marks the completion of a multi-year initiative to streamline CNA's property/casualty legal entity structure in order to realize capital, operational and cost efficiencies.
The ratings and outlook of CNA and its subsidiaries are unchanged.
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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