A.M. Best has withdrawn the financial strength rating (FSR) of “B++ (Good)” and issuer credit rating (ICR) of “bbb”of Healthcare Safety & Protection Risk Retention Group (HSPRRG) following its dissolution.
HSPRRG was affiliated with NORCAL Mutual Insurance Company which has an FSR of “A (Excellent)” and ICR of “a”.
The rating action reflects the dissolution of HSPRRG as of 30 June 2013, documented with ‘Articles of Dissolution’ filed with the secretary of state of the state of South Carolina and approved by the South Carolina Department of Insurance.
Under the filings, NORCAL arranged all services necessary to effectuate the termination of HSPRRG’s business, operations and its corporate existence.
The ratings of NORCAL are not affected by the withdrawal.
