18/06/2009
The acquisition of Southern Title Insurance Corporation (Southern Title) by Montana risk retention group (RRG) Attorneys Liability Protection Society (ALPS RRG) will not affect the RRG’s rating says AM Best.
The rating agency said the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of ALPS RRG remain unchanged at this time.
ALPS RRG is to purchase 100% of the outstanding capital stock of Investors Southern Corporation, the holding company of Southern Title and affiliated subsidiaries and certain existing joint ventures for $2.25m in cash.
The transaction is subject to regulatory approval by the Virginia Department of Insurance and is expected to close in early July.
AM Best said it recognizes the potential benefits of this transaction and does not expect it to put strain on ALPS RRG’s risk-adjusted capitalization.
However, said the agency, it will continue to closely monitor Southern Title’s operating performance, given the prolonged turmoil in the housing market.
Southern Title is a Virginia-based title insurance underwriter primarily serving the southeastern United States. ALPS RRG is an attorney-owned and operated company providing professional liability insurance to attorneys in 24 states and 3 US territories.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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