A.M. Best Co. has downgraded the financial strength rating of Acceptance Insurance Companies Inc.'s [NYSE: AIF] crop subsidiary, American Growers Insurance Company (Lincoln, NE) to E (Under Regulatory Supervision) from C- (Weak).
Unaffected by this rating action is the C- (Weak) rating of Acceptance Insurance Company, an affiliate.
The rating action follows today's announcement by Acceptance that the proposed sale of the company's crop assets to Rain and Hail, L.L.C. and Ace American Insurance Company, as set forth in the Non-Binding Letter of Intent reached on November 18, 2002, was n...
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