A.M. Best Co. has placed the financial strength rating of D (Poor) of Phoenix Indemnity Insurance Company (Phoenix) under review with positive implications. The current rating outlook is negative.
This rating action follows the recent announcement that Phoenix's ownership is in the process of being transferred to Hallmark Financial Services, Inc. (Hallmark). This transaction is part of Hallmark's purchase from LaSalle Bank of a promissory note payable by Millers American Group, Inc. (Fort Worth, TX) (Phoenix's parent) for a purchase price of $6.5 million. The Millers note, which is presentl...
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