OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best Co.has placed under review with negative implications
the financial strength rating of A- (Excellent) and issuer credit rating
(ICR) of “a-” of SeaBright Insurance Company(SeaBright)
(Chicago, IL). Concurrently, A.M. Best has also placed under review with
negative implications the ICR of “bbb-” of the publicly traded holding
company of SeaBright, SeaBright Holdings, Inc. (SHI) (Wilmington,
DE) [NYSE: SBX].
The rating actions follow disclosure of a definitive agreement under
which Enstar Group Limited will acquire all outstanding shares of
SHI. The ratings will remain under review until the close of the
transaction and the completion of A.M. Best’s analysis of its impact on
the company’s ratings. The transaction is expected to close in the first
quarter of 2013, pending regulatory approval.
The methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a
comprehensive explanation of A.M. Best’s rating process and contains the
different rating criteria employed in the rating process. Key criteria
utilized include: “Risk Management and the Rating Process for Insurance
Companies”; “Catastrophe Analysis in A.M. Best Ratings”; “Understanding
BCAR for Property/Casualty Insurers”; and “The Treatment of Terrorism
Risk in the Rating Evaluation.” Best’s Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
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A.M. Best Co.Brian O’Larte, 908-439-2200, ext. 5138Senior
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Morrow, 908-439-2200, ext. 5378Senior Manager, Public Relationsrachelle.firstname.lastname@example.orgJim
Peavy, 908-439-2200, ext. 5644Assistant Vice President, Public
Source: A.M. Best Co.