Under the terms of the transaction, B&B acquired 100% of the membership interests of TWIG and its subsidiaries, with the exception of
The ratings of WNFIC reflect its adequate risk-adjusted capitalization and relatively favorable operating results, as well as governmental support. Offsetting these positive rating factors are the potential concentration of risk derived from excess flood policies, albeit small in nature, and changes in the macroeconomic environment.
WNFIC derives significant revenue and fee-based income from its book of non-risk-bearing National Flood Insurance Program (NFIP) business, as well as from its excess flood coverage. These factors are expected to significantly contribute to WNFICís overall profitability. Upon completion of the proposed transaction with B&B, WNFIC is expected to continue its NFIP program.
The methodology used in determining these ratings is Bestís Credit Rating Methodology, which provides a comprehensive explanation of A.M. Bestís rating process and contains the different rating criteria employed in the rating process. Bestís Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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