A.M. Best Co. has placed the financial strength rating of A (Excellent) and the issuer credit rating of “a” of American Agricultural Insurance Company (AAIC) (Indianapolis) under review with negative implications.
The rating action follows uncertainty surrounding AAIC’s recent estimate of losses from Hurricanes Katrina and Rita, which have placed additional stress on its risk-based capital position.
AAIC’s financial strength and issuer credit ratings will remain under review pending discussions with management and a re-evaluation of capital requirements needed to support the company’s current rating.
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