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A.M. Best Places Ratings of Praetorian Specialty Insurance Company Under Review With Negative Implications
OLDWICK, N.J.-(Business Wire)-October 1, 2008 - A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating of “a-†of Praetorian Specialty Insurance Company (Praetorian Specialty) (Wilmington, DE) under review with negative implications.
These rating actions follow the agreement of Torus Insurance Holdings Limited (Torus) (Hamilton, Bermuda) to acquire Praetorian Specialty from its parent, Praetorian Insurance Company (Itasca, IL), a subsidiary of QBE Insurance Group Limited (Sydney, Australia).
The transaction is subject to regulatory approval. A.M. Best will evaluate the ratings of Praetorian Specialty based on its new business plan under Torus’ ownership when complete details become available.
For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
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