A.M. Best Comments on Ratings of Heritage Indemnity Company Following AmTrust Financial Services Agreement
OLDWICK, N.J. — A.M. Best has commented that the financial strength rating of A (Excellent) and the issuer credit rating of “a” for Heritage Indemnity Company (HICO) (headquartered in Lakewood, CO) remain unchanged following the recent announcement of its agreement with AmTrust Financial Services, Inc. (AmTrust) (headquartered in New York, NY).
AmTrust has entered into a definitive agreement to acquire Warranty Solutions, a Wells Fargo business for $152 million in cash. Warranty Solutions, which includes HICO, designs and markets, administers, and underwrites vehicle service contracts for new and used automobiles through a national network of independent agents and franchised and independent dealers.
Pending regulatory approval, the parties anticipate the closing will occur in the third quarter of 2015. The ratings for Heritage Indemnity reflect the company’s solid risk-adjusted capitalization, consistently favorable results and geographic diversification.
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