OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has upgraded the financial strength rating to A- (Excellent) from
B++ (Good) and issuer credit rating to "a-" from "bbb+" of Kodiak Insurance
Company (Kodiak) (West Trenton, NJ). The outlook for both ratings has been
revised to stable from positive.
These rating actions reflect the explicit support provided by an affiliate,
Preserver Insurance Company (Preserver) (Paramus, NJ), in the form of a 100%
quota share reinsurance agreement. Both Kodiak and Preserver are ultimately
owned by Tower Group, Inc. (headquartered in New York) [NASDAQ: TWGP].
For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts:
Duncan McColl, 908-439-2200, ext. 5826
duncan.mccoll@ambest.com
or
Joseph Roethel, 908-439-2200, ext. 5630
joseph.roethel@ambest.com
or
Public Relations:
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
Copyright Business Wire 2009
