A.M. Best Places Ratings of SUA Insurance Company Under Review With Positive Implications
June 23 2009 - 3:21PM
Business Wire
A.M. Best Co. has placed the financial strength rating of
B+ (Good) and issuer credit rating of �bbb-� of SUA Insurance
Company (SUA) (Chicago, IL) under review with positive
implications.
These rating actions follow the announcement that a definitive
agreement has been entered into for the acquisition of SUA�s parent
company, Specialty Underwriters� Alliance, Inc. (Chicago,
IL) (NASDAQ:SUAI), by Tower Group, Inc. (Tower)
(headquartered in New York, NY). The acquisition will allow SUA to
better leverage its strong distribution network and expand its
business opportunities through Tower�s higher rated paper.
Management of Tower also plans on adding SUA into the existing
Tower pool. The deal is expected to close by year-end 2009.
For Best�s Credit Ratings, an overview of the rating process and
rating methodologies, visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors, which may have
been considered, can be found at
www.ambest.com/ratings/methodology.
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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