A.M. Best Withdraws Ratings of Genesis Indemnity Insurance Company Due to Merger

OLDWICK, N.J.--(BUSINESS WIRE)--

A.M. Best Co. has withdrawn the financial strength rating (FSR) of A++ (Superior) and the issuer credit rating (ICR) of “aa+” of Genesis Indemnity Insurance Company (GIIC) (Bismarck, ND) following its December 31, 2011 merger into an affiliated company, General Star Indemnity Company (GSIC) (Stamford, CT). The FSR of A++ (Superior) and ICR of “aa+” of GSIC are not affected by this transaction.

The merger is part of the indirect parent company's, General Reinsurance Corporation (Gen Re) (Wilmington, DE) business simplification strategy to achieve increased efficiencies. Gen Re's immediate parent company is Berkshire Hathaway Inc. (Omaha, NE).

The principal methodology used in determining these ratings is Best's Credit Rating Methodology --Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies” and “Understanding BCAR for Property/Casualty Insurers.” Methodologies can be found at www.ambest.com/ratings/methodology.

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