A.M. Best Comments on the Planned Acquisition of Hermitage Insurance Group, Inc.
August 27 2008 - 3:19PM
Business Wire
A.M. Best Co. has commented that the financial strength rating
(FSR) of B++ (Good) and issuer credit ratings (ICR) of �bbb+� of
Hermitage Insurance Group and its lead member, Hermitage Insurance
Company (Hermitage) (White Plains, NY), are unchanged following the
announcement that CastlePoint Holdings, LTD (Bermuda) (NASDAQ:
CPHL) has entered into a definitive agreement to acquire Hermitage
Insurance Group, Inc., an insurance holding company ultimately
owned by Brookfield Asset Management Inc. (Toronto, Ontario,
Canada) (NYSE: BAM; TSX: BAMA; EURONEXT: BAMA). The outlook for
these ratings remains positive. Concurrently, the FSR of B++ (Good)
and ICR of �bbb+� of Kodiak Insurance Company (West Trenton, NJ), a
wholly owned subsidiary of Hermitage, are unchanged. The outlook
for both ratings remains stable. The acquisition is subject to
customary regulatory approvals and is expected to close in December
2008. 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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