A.M. Best Revises Outlook to Positive for Issuer Credit Rating of Seven Seas Insurance Company, Inc.

Fri Dec 21, 2012 4:49pm EST

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OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has revised the outlook of the issuer credit rating (ICR) to
positive from stable and affirmed the financial strength rating (FSR) of A
(Excellent) and ICR of "a" of Seven Seas Insurance Company, Inc. (Seven Seas)
(Riviera Beach, FL). The outlook for the FSR is stable. 

The rating actions reflect Seven Seas` outstanding underwriting and operating
performance, excellent capitalization and the synergies gained from its
effective low-cost distribution platform and preferential access to those it
insures via the customer network of its affiliate, Tropical Shipping and
Construction Company Limited. Tropical Shipping is one of the largest
transporters of containerized cargo from the United States and Canada to the
Caribbean region and the Bahamas. 

The ratings also acknowledge management`s specialty underwriting expertise
within the ocean and inland marine cargo market, as well as its strong client
relationships, effective loss control and risk management techniques. 

Seven Seas and Tropical Shipping are ultimately owned by AGL Resources, Inc.
(AGL) [NYSE: GAS], a result of AGL`s merger with Nicor Inc., effective December
9, 2011. AGL, an Atlanta-based energy services holding company, is one of the
nation`s largest natural gas distribution companies. 

Positive rating actions could occur if the company can sustain the outstanding
underwriting and operating results and excellent risk-adjusted capitalization.
Negative rating actions could occur if capitalization and/or operating
performance fall markedly short of A.M. Best's expectations, including a
significant deterioration in loss trends, and unforeseen changes in its existing
operations and/or business strategy. 

The methodology used in determining these ratings is Best`s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best`s rating
process and contains the different rating criteria employed in the rating
process. Best`s Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology. 

Founded in 1899, A.M. Best Company is the world`s oldest and most authoritative
insurance rating and information source. For more information, visit
www.ambest.com. 

Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.

A.M. Best Co.
Richelle Bryan,(908) 439-2200, ext. 5344
Financial Analyst
richelle.bryan@ambest.com
or
Joseph Roethel, (908) 439-2200, ext. 5630
Assistant Vice President
joseph.roethel@ambest.com
or
Rachelle Morrow, (908) 439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, (908) 439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Copyright Business Wire 2012
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