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Article: AM Best places Producers Agriculture Insurance's ratings under review.
- Article from:
- ADP Debt News
- Article date:
- September 11, 2009
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(ADPnews) - Sep 11, 2009 - AM best placed Thursday under review with "developing" implications the B++ (good) financial strength rating and the "bbb" issuer credit rating of US Producers Agriculture Insurance Co (PAIC) and its 100% reinsured affiliate Producers Lloyds Insurance Co (PLIC).
On September 2, 2009, Producers Ag Insurance Group, Inc (ProAg), the immediate parent of PAIC and PLIC, entered into a definitive agreement to be acquired by CUNA Mutual Investment Corp (CMIC), whereby CMIC would acquire the remaining 77.4% of ProAg that it does not already own, the agency said.
While the acquisition is not expected to close until later in 2009, a ...