OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed beneath analysis with abrogating implications the banking backbone appraisement of B (Fair) and the issuer acclaim ratings (ICR) of “bb” of American Service Allowance Company, Inc., American Country Allowance Company (both domiciled in Elk Grove Village, IL) and Gateway Allowance Company (St. Louis, MO), subsidiaries of Atlas Banking Holdings, Inc. (Atlas) (Cayman Islands) [NASDAQ: AFH]. These companies accomplish beneath an intercompany reinsurance pooling acceding and are collectively referred to as American Service Pool. A.M. Best additionally has placed beneath analysis with abrogating implications the ICR of “b-” of Atlas.
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The appraisement accomplishments chase acknowledgment of a absolute acceding beneath which Atlas will access Global Liberty Allowance Company of New York (Global) (Melville, NY), forth with its affiliated underwriting and exceptional accounts companies for about $25 million. The transaction was adjourned abundantly with banknote at Atlas, with banking advantage post-close accepted to abide modest.
This transaction is accepted to decidedly advance Atlas’ bartering auto attendance in baddest sub-segments of the ample New York accouter bazaar and will add admired basement on the East Coast to abutment Atlas’ continuing growth. A.M. Best anticipates that Global will not become a affiliate of Atlas’ absolute reinsurance pooling agreement, and that Atlas will advance Global’s bounded basement and accept it serve as an East Coast bounded appointment of Atlas.
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The abrogating implications reflect the inherent risks associated with amalgam Global into Atlas’ advancing operations and the uncertainties associated with Global’s contempo abasement in its operating after-effects and risk-adjusted capital. These apropos are somewhat animated by the cogent advance at American Service Basin as it continues to assassinate its action of recapturing above risks absent as a aftereffect of accomplishments and decisions fabricated by above-mentioned ownership. Advance at American Service Basin has additionally been apprenticed added afresh by firming bazaar altitude in the pool’s amount ablaze bartering auto sector, namely taxi, limo and paratransit classes. Although the basin has appear bigger underwriting and operating after-effects over the accomplished few years, advance in exceptional aggregate has artificial the pool’s risk-adjusted capital.
The ratings will abide beneath analysis awaiting the abutting of the transaction and discussions with administration apropos the appulse the transaction will accept on Global and Atlas’ accepted operating companies. The transaction is accepted to abutting in the aboriginal division of 2015, accountable to accepted closing conditions, including accurate approval of the change in ascendancy of Global.
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The alignment acclimated in free these ratings is Best’s Acclaim Appraisement Methodology, which provides a absolute account of A.M. Best’s appraisement action and contains the altered appraisement belief active in the appraisement process. Best’s Acclaim Appraisement Alignment can be begin at www.ambest.com/ratings/methodology.
Key allowance belief letters utilized:
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A.M. Best Company is the world's oldest and best accurate allowance appraisement and advice source. For added information, appointment www.ambest.com.
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