OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has placed under review with negative implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Guarantee Company of North America USA (GCNA US) (Southfield, MI). GCNA US is a wholly owned subsidiary of Atlantic Specialty Insurance Company, part of Intact Financial Corporation’s (IFC) specialty insurance operations in the United States.
The Credit Ratings (ratings) are being placed under review with negative implications following the proposed sale of GCNA US to Hadron Holdco LLC (Hadron). GCNA US’ ratings will remain under review until the proposed sale closes and AM Best is able to gauge the strategic importance of the transaction and its incorporation into Hadron. The ratings and Long-Term Issue Credit Ratings of IFC and remaining subsidiaries are unchanged.
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 Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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