A.M. Best placed the “B++” FSRs of Acceptance Casualty Insurance Company and Acceptance Indemnity Insurance Company under review with negative implications.
The rating move comes after an announcement by Acceptance Insurance Companies Inc. (Acceptance) that they have entered a definitive agreement to sell Acceptance Casualty and Acceptance Indemnity to McM Corporation. Acceptance also sold a selected portfolio of property and casualty programs, managed and underwritten through retail and general agents, to McM Corporation.
The ratings will remain under review pending regulatory approval, the close of the transaction and further discussions with the new management. The current FSRs of McM subsidiaries Wilshire Insurance Company and Occidental Fire & Casualty of North Carolina are “B+.” The “B++” FSRs of Acceptance Insurance Company and American Growers Insurance Company remain unaffected by the announcement.
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