A.M. Best Co. has affirmed the financial strength rating of Permanent General Assurance Corp. with a "B++" designation.
The rating also applies to Permanent General Assurance Corp. of Ohio, which operates through an inter-company pooling arrangement with Permanent General in Nashville. A.M. Best's rating outlook is positive.
The rating update follows regulatory approval of Capital Z Financial Services' plan to buy Nashville-based Permanent General Cos. Inc.
The acquisition is expected to provide Permanent General with greater capital resources and financial flexibility, says A.M. Best, giving it a favorable risk-adjusted capitalization and improved operating performance.
Permanent General was previously owned by Ingram Industries Inc. The company employs about 600 people and specializes in auto insurance and related products in the non-standard auto insurance market. Terms of the deal were not disclosed.
Permanent General is licensed in 35 states and is currently active in seven, including Tennessee. Through the first 10 months of 2004, the company had revenues of more than $196 million.
Capital Z is a private equity investor focused solely on the financial services industry in the United States and Europe. Since 1990, Capital Z has invested more than $2.2 billion in more than 53 transactions.
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