A.M. Best Co. has withdrawn the financial strength rating of C++ (Marginal) and issuer credit rating of “b” of Apollo Casualty Co. of Florida, headquartered in Des Plaines, Ill., due to its business being transferred to Omni Insurance Co.
Omni, headquartered in Atlanta, is a pooled member of the American Independent Companies in Conshohocken, Penn.
Apollo of Florida’s book of business consists of non-standard automobile policies, which have been novated and transferred to Omni, another issuer of the same type of policies. Additionally, all outstanding loss and loss adjustment reserves have been ceded to and assumed by Omni, under an assumption and reinsurance Agreement recently approved by the Florida Office of Insurance Regulation and the Illinois Department of Insurance.
Source: A.M. Best
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