A.M. Best Withdraws Ratings of Insurance Corp. of America Due to Legal Entity Merger

A.M. Best Co. has withdrawn the financial strength rating (FSR) of B- (Fair) and issuer credit rating (ICR) of "bb-" and assigned a category NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR of Insurance Corp. of America (ICA).

These rating actions follow the recent merger of ICA with and into its former affiliate, American Physicians Assurance Corp. (American Physicians). In conjunction with the merger, the corporate existence of ICA was dissolved effective September 1.

All of the above companies are insurance subsidiaries of American Physicians Capital, Inc. [NASDAQ: ACAP] and are located in East Lansing, MI. The ratings of American Physicians' and American Physicians Capital, Inc. are unaffected by this transaction.

For Best's Credit Ratings, an overview of the rating process and rating methodologies: ambest.com/ratings.