AM Best Places Credit Ratings of California Insurance Company and Its Affiliates Under Review With Negative Implications

OLDWICK, N.J.–(BUSINESS WIRE)–#insuranceAM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) of California Insurance Company (Foster City, CA), Continental Indemnity Company, Illinois Insurance Company, Texas Insurance Company (Dallas, TX), Pennsylvania Insurance Company, Oklahoma Property and Casualty Insurance Company (Oklahoma City, OK) and Florida Casualty Insurance Company (Sarasota, FL). All companies collectively are referred to as North American Casualty Group (NAC) and are domiciled in Santa Fe, NM, unless otherwise specified.

The Credit Ratings (ratings) have been placed under review with negative implications due to the delay of the results of NAC’s year-end 2021 audit. The negative implications take into consideration the uncertainty surrounding the group’s enterprise risk management until the audit is complete, and the negative outlooks on the company’s ratings prior to them being placed under review. The group has contracted with a new auditor to complete the year-end 2021 audit and is working to complete the audit in a timely manner. AM Best will continue to monitor the situation and will take interim action should any further delays or issues arise that potentially impact the financial standing of the group.

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

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Dan Hofmeister
Senior Financial Analyst
+1 908 439 2200, ext. 5385

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Steven Chirico
+1 908 439 2200, ext. 5087

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204

Selección de Europa Rup

Denver Tech Center CPA Firm Recognized as Runner Up “Best Colorado Accounting Firm” by Colorado Biz Magazine

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Gomerdinger CPAs was awarded “runner up” in the 2022 Colorado Biz Magazine’s “Best of Colorado” Annual Readers’ Poll special supplement. CEO,...

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Missfresh Limited (MF)

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 12, 2022 deadline to file a lead plaintiff motion in...

Leading manufacturer of engineered plastics becomes Viaflex

Raven Engineered Films adopts a new name after its acquisition by Industrial Opportunity Partners in April SIOUX FALLS, S.D.--(BUSINESS WIRE)--Today, Sioux Falls-based Raven Engineered Films...