OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of FHM Insurance Company (FHM) (Jacksonville, FL).
These Credit Rating (rating) actions follow the announcement that Florida Citrus, Business & Industries Fund (FCBI) has entered into a definitive agreement to acquire FHM Insurance Services (FHMIS), the Florida insurance agency and managing general agent of FHM. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions, including regulatory approvals.
The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the acquisition, including potential benefits that FHM may receive as part of being affiliated with a larger organization. AM Best will continue to hold discussions with FHM management and monitor its balance sheet strength, operating performance, business profile and enterprise risk management. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.
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 pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Michael T. Venezia
Senior Financial Analyst
+1 908 439 2200, ext. 5034
Jacqalene Lentz, CPA
+1 908 439 2200, ext. 5762
Manager, Public Relations
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Director, Public Relations
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