AM Best Places Credit Ratings of Topa in California Under Review
AM Best placed under review the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Topa Insurance Company in Calabasas, California.
The review includes subsidiary Dorchester Insurance Company Ltd. in the U.S. Virgin Islands. The companies are wholly owned subsidiaries of Topa Equities Ltd., collectively referred to as Topa Insurance Group.
The credit rating actions follow Wintaai America Inc.’s filing of a Form A with the California Department of Insurance on June 23 that notified the department of its offer to acquire Topa.
Related: AM Best Downgrades Credit Ratings of Topa in California
Wintaai is the majority owner of: Southern Vanguard Insurance Company, a Texas-based property/casualty carrier; Stonetrust Commercial Insurance Company, a Louisiana-based workers’ compensation insurer; and Loggerhead Holding Company, LLC, which owns a Florida-based attorney-in-fact.
“The developing implications reflect the evolving post-close integration plans,” the ratings agency said in a statement. “AM Best will continue to monitor this impending transaction and provide updates as conditions warrant.”