AM Best revokes credit rating of Independence Holding Company

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OLDWICK, NJ–(BUSINESS WIRE)–AM Best removed the issuer’s long-term credit rating of “bbb-” (good) from Independence Insurance Holding Company (IHC), headquartered in Stamford, CT. At the time of withdrawal, this credit rating (rating) was under review with development implications. IHC’s rating has been placed under review with evolving implications following agreements to sell each of its former insurance companies whose sales were completed between late 2021 and early 2022, leaving IHC only a minority stake in one of its former insurance operations, Independence American Insurance Company through its investment in Independence Pet Holdings, Inc.

It is AM Best’s policy that a final grade be completed with a grade withdrawal. However, a final rating could not be completed, as there are no longer any insurance businesses wholly or majority owned by this holding company and due to the lack of forward-looking financial information necessary to support the formation of a current rating opinion.

This press release relates to credit ratings that have been published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit assessments, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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