The FINANCIAL — A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of "a" of American Physicians Insurance Company (API) (West Lake Hills, TX), following its merger with and into ProAssurance Indemnity Company, Inc. (ProAssurance Indemnity) (Birmingham, AL), effective September 30, 2011.
ProAssurance Indemnity is a wholly owned subsidiary of ProAssurance Corporation and maintains an FSR of A (Excellent) and ICR of "a", which following the merger are unchanged.
API was acquired by ProAssurance Corporation [NYSE: PRA] as part of its acquisition of American Physicians Services Group, Inc. on November 30, 2010. The merger of API is part of ProAssurance Corporation's ongoing strategy to streamline its insurance company structure into fewer operating companies in order to maximize efficiency.
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