A.M. Best Affirms Ratings of Virginia Surety Company, FFG Insurance Company and Resource Life Insurance Company
30 Novembre 2006 - 10:11PM
Business Wire
A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and the issuer credit ratings (ICR) of �a-� of
Virginia Surety Company, Inc. (Virginia Surety) (Chicago, IL) and
FFG Insurance Company (FFG) (Texas). Additionally, A.M. Best has
affirmed the FSR of B++ (Very Good) and ICR of �bbb� of Resource
Life Insurance Company (Resource) (Illinois). The outlook for all
ratings is stable. These rating actions follow the November 30,
2006 completion of the acquisition by ONEX Corporation of the Aon
Warranty Group from Aon Corporation (Aon) (Chicago, IL) [NYSE:
AOC]. This acquisition includes Virginia Surety and Resource Life.
FFG is not included in the acquisition and will be strictly in run
off going forward. Virginia Surety and FFG will no longer maintain
a group rating. The rating affirmations of Virginia Surety reflect
its business plan to focus exclusively on extended warranty
writings and the excellent track record of its management team in
running profitable warranty operations. The ratings also take into
consideration the company�s solid capitalization, as well as the
loss portfolio reinsurance agreement entered into with FFG prior to
the transaction, which covers all specialty property/casualty prior
year reserves. Aon is providing an unlimited guarantee and
indemnification to Virginia Surety for the run-off of the specialty
property/casualty reserves. The rating affirmations of FFG reflect
its adequate capitalization and the expectation that all specialty
property/casualty liabilities will be run off in an orderly
fashion. An analysis of FFG�s current and pro-forma cash flows
indicates that sufficient capital exists to support its existing
financial obligations. The ratings of Resource reflect its
strategic relationship with Virginia Surety. For Best�s Ratings, an
overview of the rating process and rating methodologies, please
visit www.ambest.com/ratings. For current Best�s Ratings,
independent data and analysis on more than 3,000 individual
property/casualty companies and A.M. Best groups, please visit
www.ambest.com/pc. A.M. Best Co., established in 1899, is the
world�s oldest and most authoritative insurance rating and
information source. For more information, visit A.M. Best�s Web
site at www.ambest.com. A.M. Best Co. has affirmed the financial
strength rating (FSR) of A- (Excellent) and the issuer credit
ratings (ICR) of "a-" of Virginia Surety Company, Inc. (Virginia
Surety) (Chicago, IL) and FFG Insurance Company (FFG) (Texas).
Additionally, A.M. Best has affirmed the FSR of B++ (Very Good) and
ICR of "bbb" of Resource Life Insurance Company (Resource)
(Illinois). The outlook for all ratings is stable. These rating
actions follow the November 30, 2006 completion of the acquisition
by ONEX Corporation of the Aon Warranty Group from Aon Corporation
(Aon) (Chicago, IL) (NYSE: AOC). This acquisition includes Virginia
Surety and Resource Life. FFG is not included in the acquisition
and will be strictly in run off going forward. Virginia Surety and
FFG will no longer maintain a group rating. The rating affirmations
of Virginia Surety reflect its business plan to focus exclusively
on extended warranty writings and the excellent track record of its
management team in running profitable warranty operations. The
ratings also take into consideration the company's solid
capitalization, as well as the loss portfolio reinsurance agreement
entered into with FFG prior to the transaction, which covers all
specialty property/casualty prior year reserves. Aon is providing
an unlimited guarantee and indemnification to Virginia Surety for
the run-off of the specialty property/casualty reserves. The rating
affirmations of FFG reflect its adequate capitalization and the
expectation that all specialty property/casualty liabilities will
be run off in an orderly fashion. An analysis of FFG's current and
pro-forma cash flows indicates that sufficient capital exists to
support its existing financial obligations. The ratings of Resource
reflect its strategic relationship with Virginia Surety. For Best's
Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings. For current
Best's Ratings, independent data and analysis on more than 3,000
individual property/casualty companies and A.M. Best groups, please
visit www.ambest.com/pc. A.M. Best Co., established in 1899, is the
world's oldest and most authoritative insurance rating and
information source. For more information, visit A.M. Best's Web
site at www.ambest.com.
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