A.M. Best has placed under review with positive implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” of Savers Property and Casualty Insurance Company (Savers) (Clayton, MO).
These Credit Ratings (ratings) have been placed under review with positive implications following the sale of Savers as a shell to State National Companies, Inc. (State National) (headquartered in Bedford, TX), a subsidiary of Markel Corporation (Markel) [NYSE: MKL], by its parent, Star Insurance Company (Southfield, MI). The transaction closed on Nov. 2, 2018.
The ratings will remain under review pending conclusion of A.M. Best’s discussion with management regarding the future business of the company, including its participation in internal reinsurance within the Markel organization.
This press release relates to Credit Ratings 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 see A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. 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 © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Contacts:
Edin Imsirovic, +1 908 439 2200, ext. 5740
Senior
Financial Analyst
edin.imsirovic@ambest.com
or
Jacqalene
Lentz, CPA, +1 908 439 2200, ext. 5762
Director
jacqalene.lentz@ambest.com
or
Christopher
Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim
Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com