In a press release yesterday, A.M. Best announced that it “has removed from under review with negative implications and affirmed the financial strength rating (FSR) of B++ (Good) and the issuer credit rating (ICR) of “bbb” of Stonetrust Commercial Insurance Company,” based out of Baton Rouge. The outlook assigned to both ratings is stable. The ratings of Stonetrust were placed under review with negative implications following the announcement that Dhandho Holdings had reached an agreement to acquire Stonetrust Commercial Mutual Holding Company, the parent of Stonetrust. The transaction closed at the end of 2014. According to Best: “The ratings of Stonetrust reflect its solid risk-adjusted capitalization following a $30 million capital contribution from its new parent, historically profitable operating results and management’s underwriting experience within its niche workers’ compensation space.”
Read the full release from A.M. Best here.