A.M. Best has placed under review with negative implications the financial strength rating of A (Excellent) and the issuer credit rating of “a” of Century-National Insurance Company (CNIC) (Van Nuys, CA).
The rating actions follow National General Holdings Corp.’s (NASDAQ: NGHC) announcement on Jan. 25, 2016, that it had entered into an agreement to acquire CNIC. The negative implications are driven by National General Holding Corp.’s insurance operating subsidiary, Integon National Insurance Company, having lower ratings than CNIC and the expected integration of CNIC. The transaction is expected to close in the second quarter of 2016, subject to customary closing conditions and regulatory approvals.
The ratings will remain under review pending the close of the transaction and A.M. Best’s completion of the transaction details.
This press release relates to rating(s) 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.
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Kenneth Tappen, 908-439-2200, ext. 5248
Senior Financial Analyst
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
Richard Attanasio, 908-439-2200, ext. 5432
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations