A.M. Best Places Ratings of T.H.E. Insurance Company under Review with Positive Implications
August 13 2015 - 8:57AM
Business Wire
A.M. Best has placed the financial strength rating of A-
(Excellent) and the issuer credit rating of “a-” of T.H.E.
Insurance Company (T.H.E.) (New Orleans, LA) under review with
positive implications. This follows the announcement that the
company, through its holding company, Allied International
Holdings, Inc., has reached a definitive agreement to be
acquired by XL Group plc (NYSE: XL). The acquisition will be
made by its indirect wholly owned subsidiary XL America Inc.
T.H.E. provides property and casualty insurance coverage for the
amusement and entertainment industry; its focus has been on
carnivals, concessionaires, amusement parks, water parks, fairs,
festivals and fireworks events. The expected outcome of the
acquisition is for XL to provide T.H.E. further financial and
operational support with its plans for growth in this specialty
market.
The transaction is expected to close no later than the first
quarter of 2016, following the receipt of anti-trust and regulatory
approvals and the satisfaction of customary closing conditions.
Negative rating action could occur if operating performance
falls short of A.M. Best’s expectations, including a failure to
improve underwriting results or if there is significant
deterioration in risk-adjusted capitalization. Positive rating
action could occur if the underwriting results continue to surpass
expectations, profitability measures increase, risk-adjusted
capitalization continues to improve or if significant financial and
operational benefits are obtained through the planned
acquisition.
This press release relates to rating(s) that have been
published on A.M. 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 visit A.M.
Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20150813005690/en/
A.M. Best Co.Henry WitmerAssistant Vice President(908)
439-2200, ext. 5097henry.witmer@ambest.comorAndrew
ColanninoVice President(908) 439-2200, ext.
5706andrew.colannino@ambest.comorChristopher SharkeyManager,
Public Relations(908) 439-2200, ext.
5159christopher.sharkey@ambest.comorJim PeavyAssistant Vice
President, Public Relations(908) 439-2200, ext.
5644james.peavy@ambest.com
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