fbpx

AM Best Places Credit Ratings of The Guarantee Company of North America and Its Subsidiary Under Review with Positive Implications

52 Views

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of The Guarantee Company of North America (Toronto, Ontario, Canada) and its subsidiary, The Guarantee Company of North America USA (Southfield, MI), collectively referred to as the Guarantee Companies. These companies are wholly owned subsidiaries of Princeton Holdings Limited.

The Credit Rating (rating) actions follow the announcement that Intact Financial Corporation (Intact) has entered into an agreement to acquire the Guarantee Companies from Princeton Holdings Limited. The transaction is subject to customary closing conditions, including regulatory approvals in the United States and Canada, and is expected to close in the fourth quarter of 2019.

The under review with positive implications status reflects the need for AM Best to further and fully assess the financial and operational impacts of the acquisition. In addition, the positive implications considers the successful track record that Intact has established with similar transactions in the past, and the benefits of operational synergies with Intact and its subsidiary companies. AM Best will continue to hold discussions with Intact and Guarantee Companies’ management and monitor the Guarantee Companies’ balance sheet strength, operating performance, business profile and enterprise risk management through the close of the transaction.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Gordon McLean

Senior Financial Analyst

+1 908 439 2200, ext. 5304

gordon.mclean@ambest.com

Raymond Thomson, CPCU, ARe, ARM

Director

+1 908 439 2200, ext. 5621

raymond.thomson@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

leverton

I have been involved with publishing and marketing for the past 37 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard.For people who love to save money and earn while saving, there is a new program called the r network. You are provided with a card that entitles the user to automatic savings on more than 300,000 products. Learn more about the revv card today. This is by invitation only to be some of the first people to get this card.I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice".Contact me directly at lee@leeeverton.com for scheduling information.

You May Also Like