AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Sutton Specialty Insurance Company (Sutton Specialty) (Oklahoma City, OK), Sutton National Insurance Company (Sutton National) (Oklahoma City, OK), Merit Life Insurance Co. (Merit) (Austin, TX) and 777 Re. Ltd. (Hamilton, Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
Sutton Specialty, Sutton National, Merit and 777 Re Ltd. were placed under review following the April 1, 2022, announcement that Brickell PC Insurance Holdings LLC , the parent of Sutton Specialty and Sutton National, would acquire the remaining shares in Randall & Quilter Investment Holdings Ltd. (R&Q) [AIM: RQIH] that it did not own, subject to shareholder and regulatory approval. However, on May 25, 2022, it was announced that shareholders had rejected the proposal. Now that the proposal will not be completed, AM Best has removed the ratings of Sutton Specialty, Sutton National, Merit and 777 Re Ltd. from under review with developing implications.
The ratings of Sutton Specialty and Sutton National reflect their balance sheet strength, which AM Best assesses as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Source: AM Best
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