AM Best Places Credit Ratings of Independence American Insurance Company Under Review With Developing Implications
The Credit Ratings (ratings) have been placed under review with developing implications following IAIC's re-filing of its 2024 annual statements. The refiling of the statements was driven by the auditor's opinion that the pet quota share reinsurance contracts did not pass the auditing firm's guidelines for transfer of risk. As a result, IAIC had to re-file its 2024 annual statements to reflect deposit accounting on the reinsurance contracts effective January 1, 2024.
The ratings will remain under review while the company initiates measures to support growth, which may include new reinsurance agreements and/or capital contributions from its parent. AM Best will monitor and have discussions with IAIC on its progress.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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